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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.
Values are determined by local officials, and may be disputed by property owners. For the taxing authority, one advantage of the property tax over the sales tax or income tax is that the revenue always equals the tax levy, unlike the other types of taxes. The property tax typically produces the required revenue for municipalities' tax levies.
Property values and taxes are up this year and people are pointing fingers. ... taxes jumped 6% overall compared to a 12% increase in property values. ... They're one-thousandth of a dollar or $1 ...
The trustee also acts as the property tax assessor. Other public matters in which a trustee may sometimes be involved include zoning, parks, libraries, schools, shelters and community centers. [7] The trustee is assisted by a three-member Township Board whose members are elected to four-year terms.
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The U.S. Internal Revenue Code, 26 United States Code section 7201, provides: Sec. 7201. Attempt to evade or defeat tax Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 ...
Since state and local governments fear asking citizens to pay for a project, federal funding is gleefully sought.