Wednesday, December 16, 2009

State Tax Tutorial - property, income and sales

Property Taxes
There is a permanent property tax cap proposal currently being debated.  It has been passed by the Senate Tax & Fiscal Policy Committee and the House Ways & Means Committee.  IF it passes the general assembly, it COULD lead to a November 2010 referendum.
The proposal summary is as follows:
1% of assessed value on residential properties
2% of assessed value on agricultural
3% of assessed value on commercial

Sales Tax
The current sales tax rate is 7%

Income Tax
The state rate is 3.4% of your federal income tax liability

The county rates vary.
Marion county is 1.65%
Hamilton county is 1%
Johnson county is 1%
Boone county is 1%
Hancock county is 1.15%
Hendricks county is 1.4%
Monroe county is 1.05%
Tippecanoe county is 1.1%

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