Taxes in NWI (St. John: sales, 2010, apartments)

[CHICAGOLAND92]

Hello you all,

My mom was considering moving to the Chicagoland area, and I started to help her look for somewhere to live. I initially looked in IL, but looking at some of the forum posts, I've surmised that taxes are too high. So then I began looking by me, here in NWI. I sent her a nice house, but then she said the taxes were high here... Then I looked at the taxes, and they were over $6,000.00 for a $300,000 house. I don't know if that's a lot or not, but it is in comparison to where she lives now. She says the taxes are only $2,000.00 for where she lives now.

So how would taxes in Lake County compare to the rest of the state? Thanks to all that reply

[domergurl]

That amount sounds high, but it's probably without exemptions. Unlike Illinois, Indiana has 2 exemptions that will cut the property tax ... one is the homestead exemption and the other is called the mortgage exemption (Miki? JulieL ... yes??). You need to double check if that amount was with or without exemptions before she chucks it.

[Chuckity]

Originally Posted by CHICAGOLAND92

Hello you all,

My mom was considering moving to the Chicagoland area, and I started to help her look for somewhere to live. I initially looked in IL, but looking at some of the forum posts, I've surmised that taxes are too high. So then I began looking by me, here in NWI. I sent her a nice house, but then she said the taxes were high here... Then I looked at the taxes, and they were over $6,000.00 for a $300,000 house. I don't know if that's a lot or not, but it is in comparison to where she lives now. She says the taxes are only $2,000.00 for where she lives now.

So how would taxes in Lake County compare to the rest of the state? Thanks to all that reply

Lake counties taxes are all wonky right now. And I've seen $300-$400K homes with taxes upwards of $8K or $9K. (With both the homestead and mortgage deduction taken - mortgage is $6K and mortg. is $45K.)

It's all supposed to stabilize by 2010 (or is it 2009? - I'd look it up but the debates are starting right now ) with property taxes being no more than 2% of the value.

[grmasterb]

Originally Posted by Chuckity

Lake counties taxes are all wonky right now. And I've seen $300-$400K homes with taxes upwards of $8K or $9K. (With both the homestead and mortgage deduction taken - mortgage is $6K and mortg. is $45K.)

It's all supposed to stabilize by 2010 (or is it 2009? - I'd look it up but the debates are starting right now ) with property taxes being no more than 2% of the value.

2% for homestead properties?? The bill passed by the General Assembly included a cap of 1% of assessed value on homestead properties, although I believe Lake and St. Joseph counties received some sort of exemption from this cap.

[artemis]

If she is over 65, I think there is an exemption for that too?

[Chuckity]

Debates are over.

Here's an outline of the changes:

This year, Hoosiers will have an average property tax cut of more than 30 percent; a total of $870 million in relief will be provided. Beginning in 2010, homeowner property taxes will be capped at 1 percent of a home’s assessed value, apartments and agriculture land will be capped at 2 percent of assessed value, and business property will be capped at 3 percent of assessed value. Once fully implemented, the plan delivers $1.72 in tax cuts for each $1 of new sales tax.

[grmasterb]

Legislature approves property tax caps

From this article:

"Lake and St. Joseph were among a handful of counties that would be especially hit hard, so as part of the compromise, their existing debt would not count against the caps. The resolution that would amend the caps into the constitution would continue to exempt their existing debt from the caps through Dec. 31, 2019."

[Crocostimpy]

Originally Posted by grmasterb

Legislature approves property tax caps

From this article:

"Lake and St. Joseph were among a handful of counties that would be especially hit hard, so as part of the compromise, their existing debt would not count against the caps. The resolution that would amend the caps into the constitution would continue to exempt their existing debt from the caps through Dec. 31, 2019."

I'm still confused, even after reading the articles. Does this mean that Lake and St. Joseph counties will not get the 1% cap? Or am I misunderstanding the "exempt their exiesting debt from the caps" thing?

I live in St. John.

[grmasterb]

Originally Posted by Crocostimpy

I'm still confused, even after reading the articles. Does this mean that Lake and St. Joseph counties will not get the 1% cap? Or am I misunderstanding the "exempt their exiesting debt from the caps" thing?

I live in St. John.

I agree, it's confusing. The gist, I believe, is that Lake County taxpayers will likely be paying more than 1%.

[Crocostimpy]

Well ain't that a kick in the you-know-whats.