Delaware county taxes


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Delaware county taxes

  1. 1. DELAWARE COUNTY TAXESHow they are collected and where they go.
  2. 2. TAX SOURCES FOR GOVERNMENT Delaware County and all government agencies are funded by 2 main tax sources1. Property tax.2. Income tax on wages.
  3. 3. OTHER COUNTY TAXES Two other taxes help fund some government services1. Wheel tax2. Food & beverage tax
  4. 4. PROPERTY TAXES Property taxes are the main source of funding for local Indiana government. Taxes levied on real property and business property Capped as a percentage of assessed value by state law
  5. 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 requires a reduction in the budgets of governmental units.
  6. 6. DELAWARE COUNTY PROPERTY TAXES % of Delaware County 4.12% 0.43% Net Property Taxes Due by Property Class 7.03% 0.02% in 2010 Paid in 2011 Residential Commercial Personal 14.85% 40.28% Agricultural Industrial Utility 34.14% Exempt
  7. 7. HOW PROPERTY TAXES WERE DISTRIBUTED % of Net Property Taxes Received by Delaware County Government Units in 2011. 3.43% 4.35% Schools 10.42% City/Town 32.47% County Special 19.9% Library Township 29.48%
  8. 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 Retirement 70.97% Capitol Outlays
  9. 9. COMMON PROPERTY TAX DEDUCTIONS Several property tax deductions are available to qualified 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. 10. HOMESTEAD DEDUCTION The total amount of homestead standard deduction for properties with value of $200,000 or less, which an individual may receive for a particular year, is the lesser of: (1) sixty percent (60%) of the assessed value of the real property or mobile home; or (2) forty-five thousand dollars ($45,000). High value homes qualify for a supplemental homestead deduction in addition to the standard deduction.
  11. 11. HIGH VALUE HOME DEDUCTION The supplemental deduction is calculated at 35% of assessed value for properties with assessed values between $200,000 to $600,000 and at an additional 25% of assessed value for properties above $600,000. All homestead deductions must be filed by January 5 for residences or March 31 for mobile homes.
  12. 12. MORTGAGE DEDUCTION You can take a mortgage deduction if you have a mortgage on your primary residence. The deduction is whichever is the least of the following: (1) The balance of the mortgage or contract indebtedness on the assessment date of that year; (2) One-half (1/2) of the assessed value of the real property, mobile home or manufactured home; or (3) Three thousand dollars ($3,000). Must be completed by December 31
  13. 13. LOCAL INCOME TAXES Delaware County collects two different local option income taxes; County Option Income Tax (COIT) and County Economic Development Income Tax (CEDIT). Both taxes are collected as part of your state income tax payment and are due April 15th.
  14. 14. COUNTY OPTION INCOME TAX (COIT) This tax is collected at a rate of .6% of wages earned by county residents. Non-residents who work in Delaware County pay 25% of the resident tax rate (.15%). Revenue from this tax is split proportionally between all county units of government that receive property taxes.
  15. 15. COUNTY ECONOMIC DEVELOPMENT INCOMETAX (CEDIT) Collected at a rate of .4% on wages earned by all people who are employed in Delaware County whether they reside therein or not. 0.2% of this tax is distributed proportionally to Delaware County government and all cities and towns therein. 0.2% is used as Homestead Credit relief.
  16. 16. OTHER TAXES Wheel Tax: Must be used for road improvement per county statute. Food and Beverage tax: This is used to fund the operations of the Delaware County Civic Center Authority (the convention center in downtown Muncie).
  17. 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. 18. SOME SERVICES FUNDED BY TAXES Animal control Beach Grove Cemetery
  19. 19.  Libraries Streets, bridges, roads
  20. 20.  Parks Schools
  21. 21.  Fire protection Police
  22. 22.  Sanitation and sewage Public health