Just about everything you purchase or own gets taxed. Cars, electronics, food, and even your property. Talking about taxes is rarely a fun topic, but we’d like to cover how property taxes work so you’ll feel a little better about them. You’ll probably never enjoy writing that check...but at least you’ll know more about where your money is going!
What are property taxes used for?
Among many other things, property taxes are used to fund police and fire departments, maintain infrastructure, and to fund schools.
What determines a building to be taxable property?
Taxable property includes structures not owned by the government, such as personal homes and businesses. In most situations churches are not required to pay property taxes.
How are property taxes calculated in Indiana?
Unfortunately, there’s no easy answer to this one. Your home or business will be examined by an assessor to determine its value, then you’ll figure in some deductions (like the Homestead Standard Deduction), and finally all this information will get plugged into a formula to determine your taxes. Visit the In.gov website for detailed instructions on how property taxes are calculated in Indiana.
How do I pay my property taxes?
In most situations property taxes are figured into your mortgage payment. Your bank or lender figures in the assessed value and all deductions and makes that amount part of your monthly payment. You do, however, have the option to write a check to pay your taxes. In Indiana you also have the option to pay your taxes at the following banks: Chase Bank, Fifth Third Bank, Stock Yards Bank & Trust.
When are property tax payments due in Indiana (2013)?
Property tax payments are due two times a year in Indiana, May 10 and November 13.
Do I need to refile for the homestead deduction if I refinanced my home?
Under Indiana Code 6-1.1-12-17.8 and 6-1.1-12-36, if you received a deduction in a
particular year and remain eligible for that deduction in the following year you don’t. Yay!
For more FAQs about property taxes in Indiana, take a look at this cheat sheet.
What other questions do you have about property taxes? Feel free to leave your questions in the comment section below and we’ll get them answered as soon as possible!