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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.
The average property tax rate is 0.56%, one of the lowest rates in the country. The average homeowner will pay around $1,707 - more than $1,000 less than the national average.
In Indiana, the 10 counties with the highest effective property tax rates alone accounted for 27,105 new residents since 2020, a whopping 61.3 percent of the state’s entire population growth.
Property tax has been shown to be regressive [2] (that is, to fall disproportionately on those of lower income) under certain circumstances, because of its impact on particular low-income/high-asset groups such as pensioners and farmers. Because these persons have high-assets accumulated over time, they have a high property tax liability ...
The Residential Property Tax Deduction capped at $2,500 is permitted to homeowners. Neither taxable Social Security benefits nor taxable Indiana state income tax refunds are reported to Uncle Sam ...
Median household income and taxes State Tax Burdens 2022 % of income. State tax levels indicate both the tax burden and the services a state can afford to provide residents. States use a different combination of sales, income, excise taxes, and user fees. Some are levied directly from residents and others are levied indirectly.