Property Assessment
The State of Indiana describes property assessment as follows:
Property taxes represent a property owner's portion of the local government's spending in a given year. Property taxes in Indiana are paid in arrears, meaning the taxes paid in the current year represent the taxes owed for the previous year. Taxes in Indiana are due annually in two installments - May 10 and Nov. 10.
A property's assessed value is the basis for property taxes. Annually local assessing officials assess the value of real property on January 1 based on market value in use of the property. County officials add all of the assessed values of property in a county together and subtract the applicable deductions to determine the county's net assessed value. The Indiana Department of Local Government Finance sets the total amount of money government units in a county can spend in a year based on projected revenues for the county. This total allowed expenditure is divided by the net assessed value to determine the tax rate. Most simply, this can be explained as:
- TAX RATE = Estimate of funds to be raised/net assessed value
The tax rate is multiplied by the assessed value after all deductions are subtracted from each property. For a complete listing of deductions and eligibility requirements, please contact your local Auditor. The county auditor then applies the state homestead credit and property tax replacement credit to arrive at the amount the property owner will pay in taxes to the county.
Property owners can estimate the property taxes for new construction by adding the cost of the land and improvements together and multiplying by the tax rate. County Auditors can provide the most accurate information on individual property taxes.
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