What Is Assessed Value and How Does It Influence My Property Tax
June 30, 2009 by admin
Filed under property taxes
Originally posted 2008-12-23 15:35:34. Republished by Blog Post Promoter
- Image by Getty Images via Daylife
In Indiana, the property tax that is paid on a home, land, building, business machine, or product for sale is determined by the assessed value that the assessor assigns to the asset. Once the assessed value is determined the amount of property taxes paid on that value is determined by the tax rate for the city in which the property is located.
The tax rate is a very important part of the equation because the tax rate is determined by the budget the town officials believe is needed to run the city. Items that are needed to run a city vary, but most city rely on property taxes to provide the following items to the citizens of that city:
- police
- fire safety
- library
- school
- health care department
- trash pick up
Some cities have all of these items on the property taxes making the cost to run the city very high.
Now, that the basis of what is included in the property taxes have been discussed. Let’s look at the changes due to re-assessment of property taxes in Indiana. In December 1998, the Indiana Supreme Court ruled that the assessment value that was being used was unconstitutional, and the state needed to convert to market value.  Market value is thought to be more uniformed and fair. It also satisfy the Supreme Court.  However, the change would cause an unfair change in property taxes adjustment to the homeowner. The homeowner would see an increase of up to 33% and the business owner taxes would see a decrease of up to 18%.
In an effort, to reduce the burden that the reassessment was having on the homeowner, the Indiana General Assembly develop a bill to protect the homeowner. The bill was to increase the sales tax to offset the property tax burden. However, the bill did not solve the entire problem, and now the state is considering an uniformed flat rate of one percent of assessed value for homeowner, two percent of assessed value for landlord or investor, and three percent of assessed value for business owners.
Real Estate Investor Related Articles
Protecting Your Investments – This article discusses the business entities that are available that are available for investors to protect their personal assets when buying and holding properties.
Property Tax Related Articles
Indiana Property Tax Appeal (Part 2) -Filing a property tax appeal can be difficult. This article gives links to the forms needed to file the appeal and a video tutorial on filling the forms out.
Related articles on property taxes
- Talk turns to tax hikes (theolympian.com)
- States and Towns Lean on Taxpayers (online.wsj.com)
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=6909d556-00af-4c53-80b2-703cb97ca45d)
brinkka2011 says: Ive been meaning to read this and just never got a chance. Its an issue that Im very interested in, I just started reading and Im glad I did. Youre a wonderful blogger, 1 of the most effective that Ive seen. This weblog undoubtedly has some facts on topic that I just wasnt aware of. Thanks for bringing this stuff to light.
I simply want to say I’m very new to blogs and actually savored your web-site. Probably I’m likely to bookmark your blog . You surely have superb article content. Bless you for revealing your web page.
Thanks for sharing What Is Assessed Value and How Does It Influence My Property Tax : Taylor-Brown Real Estate Talks with us keep update bro love your article about What Is Assessed Value and How Does It Influence My Property Tax : Taylor-Brown Real Estate Talks .
None can doubt the vercitay of this article.
Action requires knowdlege, and now I can act!
Hello, i think that i saw you visited my blog thus i came to “return the favor”.I am attempting to find things to enhance my web site!I suppose its ok to use a few of your ideas!!
Thank you for your thoughtful post!
Hello, I fully understand your point & couldn’t help but drop a line to thank you for your time. P.S. I think you will love this home building online resource I found before I found this one. There is lots of detailed information just like this one. They have all of the best builders for when your deciding whether or not you will be building a custom home in Perth, WA. I was hoping to spread the word a little
It’s nice to come across a blog every once in a while that isn’t the same out of date rehashed material How Wonderful Fantastic read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google buzz Mr. Electric of Winnipeg 3155 Assinboine Ave, Winnipeg, MB R3K 0A3, Canada +1 204-949-9299 +1 204-470-5628 +1 204-949-9282
Appreciating the time and effort you put into your site and detailed information you provide. It’s awesome to come across a blog every once in a while that isn’t the same unwanted rehashed material. Fantastic read! I’ve saved your site and I’m adding your RSS feeds to my Google account.