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Facts & Figures - Indiana

Property taxes for the state of Indiana.

The Hoosier State imposes taxes at the local level, through various taxing units such as schools, counties, townships, cities, and towns. Although the Department of Local Government Finance administers the taxes, local county treasurers collect them.

In 2002, Indiana changed their property tax assessing procedures from a “true tax value” to a “market based value,” which basically means that property (real and personal) is taxed at 100% its fair market value. Farm land, however, is assessed on a statewide fixed price per acre, or the “base rate” as it is more frequently called. This assessment is constantly under change due to fluctuations in the land’s productive capacity, forest cover, grade, and other factors.

Many Hoosiers have recently benefited from the 2 Percent Circuit Breaker law which was enacted in 2006 as a result of the House Enrolled Act 1001. Basically, the law puts a cap on property taxes at 2% of the property’s tax value. The circuit breaker became mandatory statewide in 2007 for residential property and will be effective in the 2008 tax bill. In 2009, all types of property will be included as well.

If, for example, you have a home worth $100,000, the maximum amount in taxes you’d have to pay is $2,000, which is 2% of the property’s assessed value before deductions. If you’re taxed more than the 2% maximum, a county auditor will issue a tax credit for the amount that exceeds 2%. For more information, click here.

The following link is especially useful because it has a FAQ section that may address any potential questions, as well as contact information if you have additional inquiries and/or concerns.

Homeowners may receive homestead credits, the amount of which equals 10% of the person’s property tax liability, as well as a standard deduction from the property’s assessed value. Homeowners 65 years or older with a household income of $25,000 or less are eligible to receive a tax deduction on property with an assessed value of $144,000 or less, as long as the person received no other deductions except for mortgage, standard, and fertilizer storage deductions.

Department of Local Government Finance

 

 



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