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Old 09-26-2008, 03:08 PM
 
Location: Chicagoland area
554 posts, read 2,500,705 times
Reputation: 535

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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
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Old 09-26-2008, 05:35 PM
 
Location: Turn Left at Greenland
17,764 posts, read 39,717,430 times
Reputation: 8248
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.
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Old 09-26-2008, 07:04 PM
 
Location: Hoosierville
17,356 posts, read 14,613,136 times
Reputation: 11583
Quote:
Originally Posted by CHICAGOLAND92 View Post
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.
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Old 09-26-2008, 09:14 PM
 
Location: Fishers, IN
6,485 posts, read 12,529,588 times
Reputation: 4126
Quote:
Originally Posted by Chuckity View Post
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.
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Old 09-26-2008, 09:35 PM
 
2,888 posts, read 6,738,916 times
Reputation: 2147
If she is over 65, I think there is an exemption for that too?
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Old 09-26-2008, 09:37 PM
 
Location: Hoosierville
17,356 posts, read 14,613,136 times
Reputation: 11583
Debates are over.

Here's an outline of the changes:

Quote:
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.
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Old 09-26-2008, 09:57 PM
 
Location: Fishers, IN
6,485 posts, read 12,529,588 times
Reputation: 4126
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."
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Old 09-30-2008, 03:21 PM
 
Location: St. John, IN
33 posts, read 125,073 times
Reputation: 21
Quote:
Originally Posted by grmasterb View Post
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.
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Old 09-30-2008, 04:48 PM
 
Location: Fishers, IN
6,485 posts, read 12,529,588 times
Reputation: 4126
Quote:
Originally Posted by Crocostimpy View Post
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%.
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Old 10-01-2008, 06:20 AM
 
Location: St. John, IN
33 posts, read 125,073 times
Reputation: 21
Well ain't that a kick in the you-know-whats.
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