Delaware county taxes

  • Published on

  • View

  • Download

Embed Size (px)


This presentation provides i


<ul><li> 1. DELAWARE COUNTY TAXESHow they are collected and where they go.</li></ul> <p> 2. TAX SOURCES FOR GOVERNMENT DelawareCounty and all government agencies are funded by 2 main tax sources1.Property tax.2.Income tax on wages. 3. OTHER COUNTY TAXES Twoother taxes help fund some government services1.Wheel tax2.Food &amp; beverage tax 4. PROPERTY TAXES Property taxes are the main source of funding forlocal Indiana government. Taxes levied on real property and business property Capped as a percentage of assessed value bystate law 5. MAXIMUM PROPERTY TAX RATE Homestead property (your primary residence) 1% Other residential and agricultural property 2% Commercial, industrial, and personal property 3% Taxes cannot exceed these rates, even if it requiresa reduction in the budgets of governmental units. 6. DELAWARE COUNTY PROPERTY TAXES % of Delaware County4.12% 0.43%Net Property Taxes Dueby Property Class7.03%0.02%in 2010 Paid in 2011ResidentialCommercialPersonal14.85%40.28%AgriculturalIndustrialUtility34.14%Exempt 7. HOW PROPERTY TAXES WERE DISTRIBUTED% of Net Property Taxes Received byDelaware County Government Units in 2011.3.43%4.35% Schools10.42% City/Town32.47% County Special 19.9% Library Township29.48% 8. HOW THE TAX DOLLARS WERE SPENT How Did Delaware County Government Units Spend Tax $s Paid in 2011 ? 13.31% 15.72%Operating Budgets Debt Retirement70.97% Capitol Outlays 9. COMMON PROPERTY TAX DEDUCTIONS Several property tax deductions are available toqualified homeowners. The most common deductions are:1. Homestead2. Mortgage3. Other deductions are available for a variety of circumstances including being over 65 with a limited income or being a disabled veteran. 10. HOMESTEAD DEDUCTION The total amount of homestead standard deductionfor properties with value of $200,000 or less, whichan individual may receive for a particular year, isthe lesser of: (1) sixty percent (60%) of the assessed value of thereal property or mobile home; or (2) forty-five thousand dollars ($45,000). High value homes qualify for a supplementalhomestead deduction in addition to the standarddeduction. 11. HIGH VALUE HOME DEDUCTION The supplemental deduction is calculated at 35% ofassessed value for properties with assessed valuesbetween $200,000 to $600,000 and at an additional25% of assessed value for properties above$600,000. All homestead deductions must be filed by January5 for residences or March 31 for mobile homes. 12. MORTGAGE DEDUCTION You can take a mortgage deduction if you have amortgage on your primary residence. The deductionis whichever is the least of the following: (1) The balance of the mortgage or contractindebtedness on the assessment date of that year; (2) One-half (1/2) of the assessed value of the realproperty, mobile home or manufactured home; or (3) Three thousand dollars ($3,000). Must be completed by December 31 13. LOCAL INCOME TAXES Delaware County collects two different local optionincome taxes; County Option Income Tax (COIT)and County Economic Development Income Tax(CEDIT). Both taxes are collected as part of your stateincome tax payment and are due April 15th. 14. COUNTY OPTION INCOME TAX (COIT) This tax is collected at a rate of .6% of wagesearned by county residents. Non-residents who work in Delaware County pay25% of the resident tax rate (.15%). Revenue from this tax is split proportionallybetween all county units of government that receiveproperty taxes. 15. COUNTY ECONOMIC DEVELOPMENT INCOMETAX (CEDIT) Collected at a rate of .4% on wages earned by allpeople who are employed in Delaware Countywhether they reside therein or not. 0.2% of this tax is distributed proportionally toDelaware County government and all cities andtowns therein. 0.2% is used as Homestead Credit relief. 16. OTHER TAXES Wheel Tax: Must be used for road improvement percounty statute. Food and Beverage tax: This is used to fund theoperations of the Delaware County Civic CenterAuthority (the convention center in downtownMuncie). 17. WHEEL TAX RATES: Passenger cars and light trucks$25 Motorcycles$15 Busses $40 Recreational vehicles$40 Semi-trailers$40 Tractors $40 Light trailers (less than 12,000 lbs)$5 Heavy trailers (12,000 lbs and greater)$40 Trucks (greater than 11,000 lbs) $40 18. SOME SERVICES FUNDED BY TAXES Animal control Beach Grove Cemetery 19. Libraries Streets, bridges, roads 20. Parks Schools 21. Fire protection Police 22. Sanitation and sewage Public health 23. FOR MORE INFORMATION:</p>