Like most states in the US, Indiana charges property taxes too. Irrespective of the fact you own a residential property or commercial, taxes are levied on both property types across all counties in Indiana. It is important to understand property taxes as they are an important part of closing costs and appear in the ALTA statement as well.
Property Tax payments in Indiana are due in two equal installments. One is the spring installment, which is due on May 10 and the second one is the Fall Installment, due on November 10.
Property Tax rates across counties in Indiana:
Property taxes are paid as a percentage of the total value of the property owned. In Indiana, property taxes are relatively lower and come to 0.81% of the value of the property with some variations from one county to another. Here is the list of the median values of property taxes.
How to calculate property taxes in Indiana?
Calculating the property tax for any county in Indiana is easy. Simply use the following formula
Total property tax payable = (Property Value* rate of tax for the county)
How to pay property taxes in Indiana?
Yes. In fact, there is a separate item in the mortgage statement, if you are paying one already. If you have no mortgage, then you can also pay online using your debit or credit card.
Are there any exemptions for property tax in Indiana?
Yes, there are multiple conditions in Indiana that allow exemptions property tax exemptions. These are:
- Property Tax Deduction is provided for Veterans or Surviving Spouses
- Indiana state law also provides exemptions for senior citizens and disabled individuals.
- 100% exemptions for disabled veterans or their surviving spouses.
- Homestead exemptions for property owners
- Exemptions for senior citizens
How to find property tax records for Indiana?
Finding property tax information for Indiana is very easy as it is for other states. There are many websites where you can enter the property details and county to find the details. propertyshark.com is a reliable site that allows you to search tax details for properties across Indiana.