August 29, 2003
Tax bills particularly taxing for those with older homes
Property tax bills are showing up in mailboxes across the state, and some homeowners are suffering sticker shock. Under Indianas new assessment system, the owners of older homes are seeing big tax increases, while many with newer homes are seeing tax cuts.
Larry DeBoer, Purdue University professor of agricultural economics and Indiana tax expert, says property taxes are now based on a home's market value. Previously, older homes were assessed at a lower rate due to depreciation, while newer homes received less of a depreciation adjustment. DeBoer says about half of the state's homeowners are seeing tax cuts. Tax increases may seem especially burdensome to lower income owners of older homes, he says.
CONTACT: Larry DeBoer, (765) 494-4314, email@example.com.