Marion County residents can check tax assessments

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Indianapolis - Marion County residents can now check their property tax assessments online.

Marion County Assessor Greg Bowes made the announcement Wednesday. According to the assessor, with the new tax caps enacted by the state legislature, taxpayers can now predict what their maximum tax liability will be for the next two semi-annual tax payments.

Bowes says the November 2008 referendum that abolished township assessors and moved their responsibilities to the county assessor saved the county $2 million in property taxes, or 21 percent. He also predicted savings of as much as $750,000 in the current year's spending.

Taxpayers may find information about their assessment here.

In addition, the County Assessor has created a graphic map tool here, which shows the assessment changes for any property in Marion County. General information about assessments and property taxes can be found here.

Background info:

In 2008, the state legislature imposed a cap on property taxes. For taxpayers with homestead status, the cap will be 1.5% for the 2008 (payable in 2009) tax cycle, and will lower to 1% for the 2009 (payable in 2010) tax cycle.

Using the assessments just certified, taxpayers can multiply their assessments by these tax caps to predict the worst case scenario for their tax liability for the next two tax years.

As an example, a homestead property assessed at $100,000 would pay no more than $1,500 in 2009, and no more than $1,000 in 2010. Other residential properties, such as rental housing will see tax caps of 2.5% for 2009 and 2% for 2010. These new tax caps are codified at See Ind. Code § 6-1.1-20.6, which is available here.

Many taxpayers have seen dramatic increases to their monthly mortgage payments based on escrow predictions of future property taxes. For those taxpayers whose escrow predictions were overstated, these new assessments can be used to reduce the amount that is escrowed each month. For some homeowners, this could be the difference between foreclosure and staying in their homes.

The assessments just certified will support the tax bills that would have normally been paid in May and November, 2009. County officials hope to send tax bills to taxpayers in October, and allow taxpayers to make two installments on this year's taxes with due dates in November and February. Bowes predicts that the tax bills for the 2009 (payable in 2010) will be ready for the normal May and November 2010 due dates.