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Post by HighCotton on Nov 1, 2010 6:50:05 GMT -5
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Post by swilk on Nov 1, 2010 7:10:53 GMT -5
It is a property tax cap ..... based on assessed value.
1% for homestead
2% for ag property and other residential real estate like rental homes.
3% for all other property
Indiana raised the state sales tax a couple of years ago because they were afraid of losing revenue when the property taxes were capped. Now they are trying to double dip and not have the tax cap but leave the sales tax increase.
I will vote for the cap.
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Post by Russ Koon on Nov 1, 2010 7:32:22 GMT -5
Doesn't look to me as though it would do much good, with the state still in charge of the assessed value.
Not crazy about the fact that recreational property could be taxed at three times the rate of residential, either.
Think I'll pass on this one.
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Post by swilk on Nov 1, 2010 7:55:10 GMT -5
Even worse than the state being in charge of the assessed value is the fact that the local officials are in charge. One step at a time though IMO ..... cap them and then work on making a level playing field.
I dont think that recreational would fit into the 3% bracket .... pretty sure it would go into the 2%.
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Post by HighCotton on Nov 1, 2010 8:11:16 GMT -5
Even worse than the state being in charge of the assessed value is the fact that the local officials are in charge. One step at a time though IMO ..... cap them and then work on making a level playing field. My thoughts, too. I guess there might at least be some (though minimal) control on assessed values. |
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Post by drs on Nov 1, 2010 9:38:04 GMT -5
I thought when they raised your sales tax to 7% this was suppose to lower your property taxes???  Someone must have lied....hum? |
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Post by swilk on Nov 1, 2010 9:48:26 GMT -5
The cap was supposed to be part of the sales tax increase ..... yeah, I feel they lied.
What is even funnier ..... there has been a tax cap in place the last year or so. What we are voting on is to make that cap a part of the state constitution.
But ... as soon as they put the cap in place it was decided they needed to update the assessment on all properties. Funny how most of those assessed values came in higher than they had ever been.
I own a home, some rental property, a business zoned commercial and a farm. I get it from every direction.
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Post by drs on Nov 1, 2010 10:13:20 GMT -5
The cap was supposed to be part of the sales tax increase ..... yeah, I feel they lied. I own a home, some rental property, a business zoned commercial and a farm. I get it from every direction. Our property taxes on 83 acres is < 1/2 of the property tax amount that we were paying on 15 acres in Northern Vanderburgh County. With the Bush tax plan expiring on Jan 1st. I hope they don't "Nail" you too much on your properies & business.....BUT BE PREPARED!!  |
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Post by tenring on Nov 1, 2010 11:22:24 GMT -5
No! Assessed values are low now, but when [?] the economy gets back, and we have the usual change of politics, your assessment will no doubt go up.
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Post by drs on Nov 1, 2010 12:57:43 GMT -5
No! Assessed values are low now, but when [?] the economy gets back, and we have the usual change of politics, your assessment will no doubt go up. Not where I am.  |
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Post by jabba on Nov 2, 2010 12:42:22 GMT -5
I don't think there should be property taxes at ALL. Fair Tax Fair Tax Fair Tax!!! www.fairtax.orgJabba |
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Post by danf on Nov 2, 2010 19:58:42 GMT -5
Don't complain to me about property taxes. Our 2 acres and home here is running us $2700 per year.
That being said though, we have no sales tax, no income tax and our insurance rates for both homeowners and auto is lower. I was a bit surprised when our monthly premium for both vehicles went down $30/month!
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Post by dbd870 on Nov 3, 2010 4:35:24 GMT -5
Taxing land is just criminal!
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Post by drs on Nov 3, 2010 6:32:45 GMT -5
Don't complain to me about property taxes. Our 2 acres and home here is running us $2700 per year! I paid our property tax this past October which ran $1,380 for 83 acres + new Home built in 2006, once per year. We have a 6% sales tax. |
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Someone must have lied....hum?
