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Property tax rates in Indiana are capped a maximum of 1% of value for residential, 2% of value for rental and farmland, and 3% of value for all other types (the actual rates may be higher, but the maximum paid after deductions is capped through a "circuit breaker" tax credit). [8] The property taxes are assessed ad valorem.
Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.
In recent years, Franklin Township has seen a population explosion leading to a heavy reliance on residential property taxes in particular for funding of the Franklin Township Community Schools. Also, as the Indiana Property Tax caps have been phased in from 2008 to 2011, revenue for the schools in the township has dropped more than 19.8%. [8]
The City-County Council passed the Mile Square tax on property owners, called an "economic enhancement district," at its final meeting of 2023, to help pay for improvements, security and homeless ...
The Indianapolis City-County Council will propose levying a new fee on downtown property owners to pay for public safety and clean-up efforts. The Indianapolis City-County Council will propose ...
The consolidated city has a much larger population, tax base, and overall economy. Indianapolis saw substantially less decline than many other cities in the Rust Belt due to deindustrialization, though manufacturing still declined. The city also saw more economic and population growth than comparable cities in the region starting in the 1980s. [16]
In 2008, Indiana homeowners had an average property tax cut of more than 30 percent; a total of $870 million in tax cuts. Most money collected through property taxes funds local schools and county government. To offset the loss in revenues to the municipal bodies, the state raised the sales tax from 6% to 7% effective April 1, 2008. [90]
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