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D ELAWARE C OUNTY T AXES How they are collected and where they go.

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Presentation on theme: "D ELAWARE C OUNTY T AXES How they are collected and where they go."— Presentation transcript:

1 D ELAWARE C OUNTY T AXES How they are collected and where they go.

2 T AX SOURCES FOR GOVERNMENT Delaware County and all government agencies are funded by 2 main tax sources 1. Property tax. 2. Income tax on wages.

3 O THER C OUNTY TAXES Two other taxes help fund some government services 1. Wheel tax 2. Food & beverage tax

4 P ROPERTY 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 M AXIMUM 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.




9 C OMMON PROPERTY TAX DEDUCTIONS Several property tax deductions are available to qualified homeowners. The most common deductions are: 1. Homestead 2. Mortgage 3. Other deductions are available for a variety of circumstances including being over 65 with a limited income or being a disabled veteran.

10 H OMESTEAD 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 H IGH 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 M ORTGAGE 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 L OCAL 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 15 th.

14 C OUNTY O PTION I NCOME 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 C OUNTY E CONOMIC D EVELOPMENT I NCOME T AX ( 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 O THER 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 W HEEL 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 S OME 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


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