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Indiana Property Tax

Indiana Property Tax is based on the assessed value of property and is the prime source of finance for local governments. The revenue generated through Property Taxes in Indiana is far more than any other forms of local or state taxes. The revenue collected through property taxes is called the levy. This levy is divided by the assessed value to calculate Indiana Property Tax Rates for each jurisdiction every year. Naturally, the rates for Indiana Real Estate Tax will be different for each jurisdiction and will change in each year.

Assessed value consists of personal and real property. While real property comprises of land, buildings or the structures that have been erected on the land, the personal property includes everything that can be owned, but is not a real property. Assessment for real and other kind of property is performed at local level, by the assessors of townships and counties as per the Indiana Property Tax Rules established by the Department of Local Government Finance, which was previously called State Board of Tax Commissioners. The state undertakes the assessment of Utility personal property.

Property Tax Assessments

Indiana Property Tax Assessments for real property in Indiana are based on the estimated cost minus depreciation. While the assessment of residential, industrial and commercial land is based on the sales price estimates, the assessment of farm land is performed using a base rate, which is a statewide fixed price per acre.

Indiana Property Tax Appeal

In Indiana, Property Tax Appeal can also be made, if you think that your property is not assessed appropriately. Moreover, a Property Tax Replacement Credits (PTRC) is given by the state to the local governments. This Indiana Property Tax Credits equals to 20% taxes imposed on real property and is hailed as a major property tax relief after 2002 tax restructuring. Furthermore, Property Tax Exemptions and Deductions are also provided to homesteads and other eligible real property owners in the state of Indiana.

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