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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 two-year-old cut to payroll taxes was not extended. The rate had been reduced from 6.2% to 4.2% for 2011 and 2012. [3] Some tax credits for poorer families were extended for five years, including ones for college tuition and an expansion of the Earned Income Tax Credit. [5]
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. [1] It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate.
By comparison, elderly households in Alaska almost break even -- on average, they fall short by just $1,068 per year, or about 4% of their total costs. Sponsored Links.
Like it or not, the rules for filing your taxes change every year. Even experts have to relearn the ropes annually, with law changes, new forms, and other hurdles posing a constant challenge.
The proposed amendment was placed on the 2010 General election ballot and was a major focus of Daniels's reelection campaign. In November 2010, voters elected to adopt the tax caps into the Indiana Constitution. [91] Daniels's successes at balancing the state budget began to be recognized nationally near the end of his first term.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
Ransofer, a 111-year-old woman originally from Russiaville, Indiana, is the oldest known living person in the state and part of a small, unofficial club of centenarians sprinkled across the globe.