The late, great George Carlin had a routine about a weather forecaster.
“The forecast for tonight: dark. Continued dark throughout the night, with scattered light in the morning.”
Some predictions are easy.
Predicting the base rate of farmland used to be easy too. The base rate is the starting point for setting the assessed value of farmland for property taxes. The Indiana Department of Local Government Finance recalculates it every year with a capitalization formula. They divide measures of farm income by a rate of return. The base rate for taxes this year is $1,960 per acre.
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.
One of the most important issues facing residential real estate in the coming years has to do with the appraisal profession. Although appraisers are generally satisfied with their work and expect to stay in the profession in the years ahead, the median age of appraisers is close to 55. As a result, a big wave of retirements is expected in about 10 years.
Greenwood officials and a developer say a tax break for the proposed Greenwood Iceplex is necessary, but some residents are questioning if the city is acting outside the boundaries of state law.
Minor-league hockey team Indy Fuel owners Jim and Sean Hallett have proposed the Greenwood Iceplex with up to four ice rinks to be built on 6 acres at Freedom Park. They have requested a five-year, $450,000 property tax break, and the city has also offered to lease the land for $1 a month for 60 years.
This is the last installment of a weekly five-part series profiling each of the areas proposed for annexation of the City of Bloomington. This week covers area seven.
Dave and Cheryl Lehman do not consider themselves very politically active beyond watching C-SPAN and putting on a rally at their home for former Democratic governor of Vermont, Howard Dean.
City Councilman Russ Jehl has a proposal to amend Fort Wayne’s tax abatement policy.
Jehl, R-2nd, said Tuesday that updating the policy is necessary to better reflect the council’s views.
Tax abatements are a popular economic development tool offered by municipalities to entice business investment. Abatements phase in business personal property taxes over a period of time, typically five to 10 years.
Need help with a tax abatement? Overpaying on your property taxes? Call us today and see how we may be able to save you valuable tax dollars. 219-472-8682. www.innotaxsolutions.com
ANDERSON – A sister company to NTN Driveshaft will make a $98 million investment in Anderson that will bring 198 jobs to the city.
Anderson city officials will announce this morning that NTK Precision Axel Corp. will build a 300,000 square foot facility to the west of the NTN Driveshaft building near 73rd Street and Layton Road.
NTK hopes to start production at the Anderson facility in October 2018. The last of the 198 jobs are expected to be created by 2021.