Comments on: Lawmakers Approve Indiana Property Tax Reforms http://www.realst8.com/property-tax/lawmakers-approve-indiana-property-tax-reforms/ Real Estate and Area Information for South Bend, Mishawaka, Granger and Notre Dame, Indiana Wed, 01 Feb 2012 07:56:53 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Nick Molnar http://www.realst8.com/property-tax/lawmakers-approve-indiana-property-tax-reforms/comment-page-1/#comment-23422 Nick Molnar Tue, 06 Jan 2009 20:09:13 +0000 http://www.realst8.crankpin.com/property-tax/follow-the-news-on-indianas-property-tax-reform/#comment-23422 The circuit breaker doesn't come into play for 2007 pay 2008 property taxes on rentals. For 2007 pay 2008, it capped residential properties with a homestead exemption at 2% only. It didn't apply to properties that aren't owner occupied like yours. That means the taxes you pay are based on the rate of the township in which your property is located. You can find more info on the <a href="http://www.in.gov/dlgf/" rel="nofollow">state's web-site</A>. In 2008 pay 2009, the circuit breaker is scheduled to begin its "phase-in" and residential, non owner-occupied property should be capped at 2.5% of assessed value plus an allowance for existing debt exempted from the cap. Of course the state legislature can change the system at any time. The circuit breaker doesn’t come into play for 2007 pay 2008 property taxes on rentals. For 2007 pay 2008, it capped residential properties with a homestead exemption at 2% only. It didn’t apply to properties that aren’t owner occupied like yours. That means the taxes you pay are based on the rate of the township in which your property is located. You can find more info on the state’s web-site.

In 2008 pay 2009, the circuit breaker is scheduled to begin its “phase-in” and residential, non owner-occupied property should be capped at 2.5% of assessed value plus an allowance for existing debt exempted from the cap.

Of course the state legislature can change the system at any time.

]]> By: joHn Kennedy http://www.realst8.com/property-tax/lawmakers-approve-indiana-property-tax-reforms/comment-page-1/#comment-23415 joHn Kennedy Wed, 31 Dec 2008 21:28:47 +0000 http://www.realst8.crankpin.com/property-tax/follow-the-news-on-indianas-property-tax-reform/#comment-23415 Under the the current tax law, what is the property tax rate on residential rental property in the city of South Bend for the current year (the tax bill that just arrived). The rate on my bills is at five percent. Friends in residential properties have seen their tax bill halved. Under the the current tax law, what is the property tax rate on residential rental property in the city of South Bend for the current year (the tax bill that just arrived).

The rate on my bills is at five percent.

Friends in residential properties have seen their tax bill halved.

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