Property Tax Confusion (Noblesville, Hamilton: new home, neighborhood, school district)

[noblt]

Hi,

I'm considering building a new home and I have been looking to to see if I could get an estimate on what my property taxes might be. I haven't really been able to find much. I've read about the 1% state cap, but I'm not sure if there are other, more local taxes to be aware of. I'd appreciate any information on how this works that you may have or who I could contact to find out. If I go forward with it, I would be building in Noblesville, Hamilton County sometime in early 2010. I looked up the tax bills for 2008 payable 2009 for simliar houses in the neighborhood they seem to be around 2.5% of the assessed value. I'm really afraid of getting into a mess because I don't understand how it works.

Thanks!

[grmasterb]

Originally Posted by noblt

Hi,

I'm considering building a new home and I have been looking to to see if I could get an estimate on what my property taxes might be. I haven't really been able to find much. I've read about the 1% state cap, but I'm not sure if there are other, more local taxes to be aware of. I'd appreciate any information on how this works that you may have or who I could contact to find out. If I go forward with it, I would be building in Noblesville, Hamilton County sometime in early 2010. I looked up the tax bills for 2008 payable 2009 for simliar houses in the neighborhood they seem to be around 2.5% of the assessed value. I'm really afraid of getting into a mess because I don't understand how it works.

Thanks!

If you're seeing 2.5% of assessed value in Hamilton County, then I have to figure those aren't homestead properties. The 2010 cap is 1% of assessed valuation. The only way this can be exceeded in Hamilton County is if the local school district has an additional millage approved via referendum. So far, only HSE has had this done. So, you're probably safe in betting on the 1%.

[noblt]

The house that I looked up was built as a spec property by the builder and i believe was purchased in march of 2009. Would that mean that it isn't homestead? Is the 1% permanent?

Thanks, I appreciate the response.

[grmasterb]

Originally Posted by noblt

The house that I looked up was built as a spec property by the builder and i believe was purchased in march of 2009. Would that mean that it isn't homestead? Is the 1% permanent?

Thanks, I appreciate the response.

If it was just purchased in March from the builder, then I suspect the homestead exemption has taken effect (remember, property taxes are paid in arrears).

The 1% cap is statutory at this point. There is movement now, however, to make them constitutional.

[rrah]

If it was purchased in March of 2009, the tax bill you are seeing would likely be the amount taxed in 2008, payable in 2009. The builder would not have been able to file the homestead exemption unless he lived in it as his residence. The current owners may have now filed for the exemption, but the tax bill that reflects this exemption will not show up until 2010.