Saturday, June 14, 2008

Tax Bill Arrived

My reconciliation property tax bill arrived in the mail today. The good news is that my tax bill is about $600 lower than the original bill I received last year. The bad news is that it's still a 56% tax increase over the 2006 tax bill. Fortunately, my mortgage company has been escrowing funds based upon the original 2007 tax bill I received, which means I have more than enough funds set aside to pay last year's reconciliation bill and this year's tax bill. This doesn't include the 2007 tax rebate of a few hundred dollars I'll soon be receiving in the mail. Under the property tax relief and reform plan signed into law earlier this year, homeowners will see an average of 30% savings on their 2008 tax bill, which Marion Co. taxpayers won't receive until sometime this fall. By 2010, homeowners' tax bills will be capped at 1% of the property's assessed value, providing even further property tax relief. Will this be enough to tamp down property tax protests?

11 comments:

Sir Hailstone said...

Once the 1% cap is in place, will it go up or down from where you are now?

Assuming of course Gene Akers is capable of assessing your property correctly when he isn't shuffling papers at IPS.

Advance Indiana said...

It would decrease about 50% from where it is now.

jon said...

My 2007 tax bill was $2600 and change. I was informed this morning I owe another $3500 and change for 2007.

God, I love living in Center Township, where graduation rates at Northwest High School hit 45% in good years. w00t.

spooknp said...

The 1% cap is nothing more than a huge tax break for the rich and a tax hike for the middle class. While everyone in the areas like Meridian-Kessler, Butler-Tarkington, etc. save thousands on their property tax bills, everyone else who saves the original 30% will only see their taxes raised to the cap level. Also, watch to see how many township assessors try to play with assessed values, pushing them up even though we are in a down housing market.

True Conservative said...

Well I am a small business owner who has 5 employees and my tax bill more than doubled and the assessment is nearly $200,000 more than a new appraials I had done for a new loan. The story here is the absolute botch job the assessment did on reassessing commercial property. According to a local cpa, they used a national database for values. I am sure that a $296,000 house in Marion county would not pay more than $17,000 a year in property taxes. Well that is what they are trying to do to me and all the other essential small business people, Of course, the big businesses get tax abatements or like the Colts free buildings, so they will not complain. I am so tired of politicians talking about how essential small businesses are and that is who gets screwed the most.

artfuggins said...

I only live a couple of blocks from you and my reconciliation bill was several hundred dollars more than anticipated and according to the Star tax calculator, it will be even more for 2008. I get no tax relief and my taxes go up...someone, somewhere lied to a whole lot of us.

Advance Indiana said...

Art said, "I only live a couple of blocks from you and my reconciliation bill was several hundred dollars more than anticipated and according to the Star tax calculator, it will be even more for 2008."

Identify yourself and the address of your property. I think you are lying.

artfuggins said...

You think that I am lying about living close to you or lying about my reconciliation bill being higher than I anticipated or that the Star tax calculator indicates that my taxes will go up again for 2008 please be more specific.

Advance Indiana said...

Take your pick, Art, but I was referring to your reconciliation bill and 2008 taxes. The 2008 tax bill hasn't been prepared yet.

Ed Angleton said...

Don't forget, this November we have the chance to send Akers packing by voting to abolish the Center Township Assessor position.
Let us not waste the opportunity.

Ed Angleton said...

The biggest problem is that the legislation passed this year does nothing to address the immediate problem. People are in danger of losing their homes due to the capricious attitude of our legislators.

What good does a property tax cap in 2010 do if you loose your home in 2008?