The Indiana Tax Court has affirmed the property tax liability assessed against a Howard County urban development company, finding issue with the company’s argument concerning Indiana’s definition of gross assessed value.
Kokomo Urban Development, LLC owns a moderate-income apartment complex in an economic revitalization area, or ERA, of Kokomo. As a result, Kokomo Urban was entitled to 100 percent ERA deduction for the 2015 tax year and a 50 percent deduction for the 2016 tax year.
In 2016, the Howard County auditor determined Kokomo Urban’s property tax liability was $47,720.46, which did not exceed the calculated 2 percent tax cap amount of $49,134. Kokomo Urban, however, argued its liability should have been capped at $25,000 under Indiana Code section 6-1.1-20.6-7.5. The issue, the company argued, was whether the 2 percent tax cap under that statute should have been applied to the property before or after the ERA deduction.
SOUTH BEND — When Ryan and Susan Greutman got their new property assessment in the mail this week, they were left baffled, wondering how a 300-square-foot addition to their home could lead to a 59 percent increase in its assessed value.
The couple extended the front wall of their house on the city’s northwest side, so they expected the value of it to increase. But when they received their notice this week, they saw their assessment jump from $123,000 to $194,400.
INDIANAPOLIS — Next month schools will once again ask you to approve money requests on your May ballot.
As we saw in last year’s elections, passing school referendums can be a hotly contested issue. But when it came down to it, voters mostly backed the schools.
What was promised to voters in many referendums was to better pay teachers and increased security inside their buildings. RTV6 followed up with several districts that asked for millions of dollars from taxpayers to see if they’ve accomplished what they said they would
INDIANAPOLIS (WTHR) — If you own a home, you’ll soon be getting your property tax bill. Just a head’s up: When you open up your bill you may get hit with a bit of “sticker shock.”
According to the Marion County Treasurer’s Office, 86 percent of homeowners will pay more in property taxes than they did last year. How much more? It depends on several things, including where you live. But bottom line? Deputy Treasurer Joshua Peters said Marion County homeowners are looking at an average increase of roughly eight percent.
“Property values continue to rise as the real estate market continued to do better,” Peters said. That makes for a bigger bill for homeowners.
In west Lake County, it can seem that a car is almost as likely to have Illinois license plates as Indiana plates in recent years.
Many south suburban Chicago residents have been moving across the state line to Northwest Indiana, especially the Tri-Town area, in search of more home for their buck and lower taxes.
A new study by the personal finance website Wallethub has found property taxes are substantially lower in Indiana than in Illinois — often thousands of dollars lower per year. The average property taxes on a $194,000 home, which would typically be much larger in Northwest Indiana than Illinois because of lower home prices, are $1,679 in Indiana, compared to $4,476 in Illinois.