Welcome to state taxes Guide
Property Taxes By State Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
What You Must Know About Indiana State Taxes
from: www.TaxesExposed.comIndiana State taxes rate is a flat 3.4 percent of a taxpayer's federal adjusted gross income. Counties could also assess separate income taxes. More information about Indiana State taxes can be found below:
1) Personal Income Tax
The state of Indiana collects and levies from its residents a flat tax of 3.4 percent of federal adjusted gross income with modification. Indiana tax returns are due on April 15, or the next business day if ever that date falls on a weekend or holiday. As of the 2007 filing season, the deadline for federal returns was changed to Tuesday, April 17. Hoosier State taxpayers also have an extra filing day to complete their 2006 state returns. Most counties in Indiana also collect income taxes.
2) Sales Tax
Effective December 1, 2002, the state sales tax rate in Indiana has become 6 percent.
3) Personal and Real Property Taxes
Property taxes are imposed on both real and personal properties in Indiana and are administered by the Department of Local Government Finance. Tax rates are usually expressed in dollars per $100 of assessed value. Properties are subject to taxation by a variety of taxing units (schools, counties, townships, cities and towns, libraries, etc.), making the total tax rate the sum of the tax rates imposed by all taxing units in which properties are located.
In 2006, Indiana enacted the 2 Percent Circuit Breaker law, which will ensure that homeowners would not pay more than 2 percent of their property value in taxes once this law is fully in place. The Circuit Breaker is slated to become mandatory statewide for residential properties in 2007. The Circuit Breaker expands to include all property types in 2009.
4) Inheritance and estate taxes
An inheritance tax return, IH-6, must be filed by an estate's personal representative within a period of nine months of an Indiana resident's death. The return is not required if the amount left to an heir is less than the allowable exemption, which ranges from the entire estate to $100 for other beneficiaries, if ever the property was left to a spouse or to a charitable organization.
Other facts about Indiana State Taxes:
Qualified Indiana taxpayers can file returns of their Indiana State taxes at i-File, the Indiana Department of Revenue's free Web-based tax filing service. In Indiana, aircrafts are subject to aircraft excise taxes and registration fees that is in lieu of the ad valorem property tax levied for state or local purposes. For more information regarding Indiana State taxes, please visit the Indiana Department of Revenue website.
Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about State Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.
Property Taxes By State News
Analysis: Property taxes give NY Westchester edge over peers
NEW YORK (Reuters) - Westchester County has the lowest median household income of the four wealthy New York counties near New York City, but it alone has bragging rights to something that would be the envy of any municipality in these times of fiscal trouble: a top AAA credit rating. One secret lies in Westchester's higher and steadier stream of property taxes, analysts say. Rockland County ...
Read more...Property taxes dwarf state's major taxes; combined state-federal spending hits record $49 billion
For the past three months, Republican Governor Chris Christie and Democratic legislative leaders have been trading charges over their rival plans to cut income and property taxes, over the governor’s
Read more...Study calls ND property tax abolition 'risky'
Abolishing North Dakota's property taxes is a risky gambit that would make aid to local schools dependent on volatile state oil revenues, according to a report by a think tank that specializes in budget issues.
Read more...