Thousands of residents in central Indiana pre-paid their property tax bills before Jan. 1, resulting in more than $31 million in early payments, according to research by IBJ.
It’s not clear how many of the payments were being made early to try to take advantage of an income tax deduction that will soon change because it’s not unusual for some people to pay in advance, but the amount of early payments marked a significant increase for some areas.
(INDIANAPOLIS) – The IRS is warning taxpayers playing “beat the clock” with your property taxes may not work. But Hoosiers should be in the clear.
Next year, there’ll be a new $10,000 limit on the deduction for state and local taxes. Some people have been prepaying next year’s property taxes to take the full deduction while they can. The IRS now says you can’t do that unless the assessment for your 2018 bill was made in 2017.
The Indiana Supreme Court’s decision Thursday not to hear a case will likely cost local governments millions of dollars in property tax revenue.
The conflict surrounds property tax valuations of big box stores – in this case, a Kohl’s. Local governments say the assessment should be based on how much value the property is worth to the current user, not some hypothetical future user.
Daviess County taxpayers will see unexpected fluctuations in the amount of property taxes they owe on their homes when property tax bills hit mailboxes later this month.
Due to a change in state law made by the Indiana General Assembly last year, the homestead property tax deduction every homeowner in Daviess County will be 22.0124 percent. This will be a change from previous years when the percentage varied by taxing unit.
INDIANAPOLIS, Ind.– Even though he has said, “Everything is on the table,” when it comes to drawing up the city’s 2017 operating budget, Indianapolis Mayor Joe Hogsett indicated Wednesday that higher taxes and fees are not likely to be part of his proposed spending plan.
The Indiana Tax Court affirmed an appraisal of $592,000 for a woman’s property, holding the owner appealing the judgment failed to relate her evidence for a lower appraisal to a Jan. 1, 2008, valuation date.
The Indiana Board of Tax Review did not err when it reduced the property assessments of Lafayette Square Mall for 2006 and 2007, the Indiana Tax Court ruled Friday.
A Clarksville Redevelopment Commission decision to share $1.2 million with local schools over the next three years, to fund things such as laptops for students and digital whiteboard replacement, seemed “progressive” and “cutting edge” to Clarksville School Board President Bill Wilson — not because of the dollar amount or what it will pay for, but because of where the money is coming from.