November 2008 Entries
Gov. Mitch Daniels and state lawmakers seem to have come through on their vow of reducing property taxes for homeowners, at least judging by the applicable tax rates in Elkhart County's taxing districts. Tax rates are key in figuring property tax bills — the higher the rate the more taxes you'll owe, all other things being equal — and the numbers, published last week, declined in all taxing districts here.
The tax rate is a measure of the property tax revenue needed by the varied governmental units here — cities, towns, school districts, libraries, townships and county government — to pay...
House Enrolled Act 1001, the property tax relief plan approved by state lawmakers last spring, puts stricter caps on property taxes paid by different classes of property owners. That's good for homeowners, theoretically, who are meant to be the beneficiaries of the change. Going forward, the caps and other changes in HEA 1001 will likely result in reductions in their property tax bills, the taxes they pay based on the value of their homes.
But it appears the varied changes, notably the caps, will likely put strains on many local governmental units, correspondingly reducing the amount of property tax revenue coming...