Categories
Archive
Links
Ashwell Property Group
Migration to different states has caused a new curiosity in the differences in state laws, ordinances and tax regulations. Flat taxes, tax credits, personal taxes, caps and gaps and other terms, all add to the confusion. This article attempts to explain some ways on how states can be different and offer links to resources.
Market-based Property Tax System
The state of Indiana is an example of a state government that uses the most popular property tax revenue collection method. A variation of the Market-based Property Tax System is implemented in 48 other states.
Property taxes in Indiana are assessed yearly calculated on the prior year's taxes and the current sales of properties in the area. Certified appraisers consider the economy and other marketing factors to arrive at a fair market value for property in the township, neighborhood or city. In Indiana, the property taxes are normally paid for the previous year in two installments.