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Indiana Property Taxes – What You Need to Know
from:Indiana property taxes are administered by the Department of Local Government Finance. Indiana property taxes are collected by local county treasurers and are based on assessments of fair market value of property as determined by the township and the county’s assessors. In Indiana, more than 99% of the revenue generated by Indiana property taxes stays in the local community.
Indiana property taxes are used to fund school systems, local township, city and county budgets and a small portion is used to fund libraries and the state government. More than 50% of the funds generated by property taxes go directly to schools. Indiana property taxes are paid in arrears, meaning the taxes paid in the current year represent the taxes owed for the previous year. Taxes in Indiana are due annually in two installments—May 10 and Nov. 10.
The basis for charging Indiana property taxes is the property’s assessed value, as determined by local tax assessors. The value of the property is determined on March 1 each year. County officials add all of the assessed values of property in a county together and subtract the applicable deductions to determine the county’s net assessed value. The Indiana Department of Local Government Finance sets the total amount of money government units in a county can spend in a year, based on projected revenues for the county.
As in most other states, it is sometimes possible to gain exemptions from part of your property taxes. There are property tax limits for senior citizens and veterans and homeowners can claim a homestead exemption on their primary residence only. To apply for any exemptions or tax limit status, you can go to your local county government office. Once you apply the government will verify your eligibility and notify you of its acceptance or denial of your requested exemption.
If you contest the assessed value of your home, you can appeal it through the county or local jurisdiction. Once you’ve appealed your home’s assessed value, a hearing will be held where you will have the opportunity to state why you believe your assessed property value is too high, and the tax assessor will have the opportunity to present how the figure was derived. The decision will then be in the hands of the appeal board, which has 120 days to make a decision and notify the taxpayer.
Indiana property tax rates fall right in the middle when compared to other states. They range from 6.67% per $1000 to 15.11% per $1000 of the home’s value.
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