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Property tax rates in Indiana are capped a maximum of 1% of value for residential, 2% of value for rental and farmland, and 3% of value for all other types (the actual rates may be higher, but the maximum paid after deductions is capped through a "circuit breaker" tax credit). [8] The property taxes are assessed ad valorem.
Franklin Township Community School Corporation is the public school district that serves all of Franklin Township. The area high school is Franklin Central High School.. In recent years, Franklin Township has seen a population explosion leading to a heavy reliance on residential property taxes in particular for funding of the Franklin Township Community Schools.
The council members serve four-year terms. They are responsible for setting salaries, the annual budget, and special spending. The council also has limited authority to impose local taxes, in the form of an income and property tax that is subject to state level approval, excise taxes, and service taxes. [8] [9]
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Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.
Lawrence Township is one of nine townships in Marion County, Indiana, United States.The population was 122,321 at the 2020 census, up from 118,447 at the 2010 United States Census. [4]
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