Posted by TomIn on December 15, 2018 at 08:29:04 from (23.118.149.246):
In Reply to: Indiana Property taxes posted by Geo-TH,In on December 15, 2018 at 07:04:10:
As complicated as you have made the Indiana real estate tax system seem-----it is really even more complex than you describe.
The 1%, 2%, and 3% rates you mention are CAP rates (and that assumes that voters have not approved referendums for even higher rates.) In Vigo County, the actual rates vary from slightly less than 2% to well over 4%. These rates apply to the assessed value LESS any allowable deductions (Such as homestead deductions, mortgage deductions, old age low income deductions, disabled veteran deductions, etc.) Your tax bill is calculated by multiplying the actual rate times the net (net of deductions) assessed value. Then the cap rate(s) are multiplied by the gross assessed values. You pay whichever amount is less.
The various actual tax rates can be found on http://www.stats.indiana.edu/dms4/propertytaxes.asp
The law allows you only one garage to be taxed under the lowest rate cap (The residential rate cap is 1% for your primary residence. All other residences have a 2% cap rate.) The assessor should allow the highest assessed value garage to be classified as the "primary" (lowest tax rate) garage.
Agricultural land has a 2% cap rate and is assessed based on soil type. The "base" value is about $1800 per acre for tillable land in 2018.
One additional tax advantage for a pole barn construction is that pole barns are depreciated faster than stick construction, so the assessed value will even lower in future years. As senior citizens, we may not live long enough to enjoy this advantage.
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