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 state’s Department of Local Government Finance (DLGF) 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.
Consider the eternal questions. Why is the sky blue? Why is the grass green? Why are some Indiana local government property tax rates high, while others are low? Let’s leave the answers to the first two to actual scientists. I’ll take a stab at that last one.
Suppose we measure the revenue capacity of Indiana local governments. Our counties, cities, school districts, libraries and townships receive revenue from property taxes and local income taxes. Schools get a lot of aid from the state. Counties, cities and towns receive state aid for roads. And there are interest earnings, charges and fees, and dozens of other smaller revenue sources.
If you think your being overassessed on your property taxes, give us a call at 219-472-8682 and we can help. www.innotaxsolutions.com
Gary residents have the dubious distinction of living under the highest property tax rates in the state.
A Times survey of data released by the Indiana Department of Local Government Finance shows Gary’s property owners face a tax rate of more than $7.20 per $100 assessed valuation this year.
Tax rates are only one part of the equation. Call Innovative Property Tax Solutions today to see if you are being overassessed on your commercial, industrial, or multi-family residential property taxes.
When the Carmel City Council passed its 2016 budget in October, it included a tax rate of 71.43 cents per $100 of assessed property value for homeowners, only about a penny increase from the 2015 rate of 70.07 cents.
But now that the property tax bills have reached Carmel mailboxes, residents are finding out that the actual rate for 2016 is 83.56 cents per $100, or 19 percent greater than the rate attached to the budget. For a home valued at $300,000, that’s about $400 more a year in city property taxes.
Collapsing prices for U.S. corn and soybeans have made it harder for some farmers to pay their property taxes, at a time when these tax bills are soaring and the rate of farm bankruptcies is growing.
Over the past three years, farmland property taxes have jumped as much as 400 percent in parts of the United States, according to state and federal government data. One farmer in Ohio said his property tax bill has skyrocketed to more than $100 an acre from less than $20 seven years ago.
Taxpayers in three Central Indiana school districts will be paying higher taxes to help ensure quality education for their children.
Voters in the Hamilton Southeastern, Noblesville and Speedway school districts Tuesday renewed property tax increases to help pay salaries and classroom expenses.
Just when you were breathing a sigh of relief at the close of another tax season, a new study comes out showing the hit that Illinoisans take on property taxes compared with residents in other states.
Illinois has the highest median property tax rate in the nation, with various agencies and entities taking a combined 2.67 percent bite, according to a CoreLogic analysis of real estate property taxes nationwide.
INDIANAPOLIS — Tractors parked outside the Statehouse Friday as farmers joined the governor for a ceremonial signing of bills designed to help Indiana’s agricultural economy.
The governor’s office said Senate Bill 238 will help make local soil and water conservation districts more impactful when it comes to watersheds and areas of conservation. SB 308 provides property tax relief for farmers. Gov. Mike Pence signed both pieces of legislation into law last month.
The Greater Clark County School Board voted 6-0 in favor of borrowing $14.1 million in bonds for repairs and upgrades to 14 district facilities. Taxpayers will their property taxes increase by 4.47 cents per $100.