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Personal & Property Tax
Sales Tax
► Indiana Sales Tax is to 7%. That change was effective April 1, 2008
Personal Income Tax
- Indiana collects from its residents a flat tax of 3.4 percent of federal
adjusted gross income.
- Indiana tax returns are due April 15, or the next business day if that date
falls on a weekend or holiday.
- Most Indiana counties also collect income tax, including Monroe County which
does so at a rate of $1.04 for every $100 through the Monroe County Option Income
Tax.
For more on how to compute withholding for State and County taxes,
click here.
Property Tax
Background on the property tax
A tax on property is the primary source of revenue for local governments in Indiana.
It is a tax on the assessed value of property. The tax rate multiplied by the assessed
value owned by a taxpayer is what the taxpayer owes to the government; the tax rate
multiplied by the total assessed value of the government is the total tax levy.
The state also collects a very small part of the property tax, at a rate of one
cent per $100 assessed value. The property tax is administered on the state level
by the Indiana Department of Local Government Finance, and on the local level by
the county and township assessors, the county auditor and the county treasurer.
Gross Rate, state property tax replacement credit (SPTRC), net rate and rankings
are included in Monroe County’s tax profiles. The gross rates are based on the budgeted
levy of the district and the prior year's total assessed value of property. The
net rate was derived by multiplying the gross rate by 1 minus the state property
tax replacement factor. The replacement factor determines how much money the tax
bill is lowered by fund transfers from the State of Indiana. Of course, the net
rate shown is not the final rate paid because final bills are based on updated assessed
values not available when these rates are computed. The source agency for the rates
is the Local Government Finance Department of the State of Indiana and specific
tax related questions should be addressed to their office.
For a more detailed explanation of how property taxes are calculated, see the ABCs
of Property Tax, a section of the Lake County Government Finance Study.
Real Property Gross Assessed Values
| Class |
2007 Ratio |
2008 Ratio |
| Agriculture |
4.71% |
4.57% |
| Industrial |
3.95% |
3.89% |
| Commercial |
22.43% |
23.25% |
| Residential |
62.02% |
61.46% |
| Exempt |
6.80% |
6.75% |
| Utility |
0.09% |
0.08% |
2007 Property Tax Rates for Monroe County, IN
Summary Statistics
|
Gross Rate for: |
Net Rate for: |
|
Monroe County |
The State |
Monroe County |
The State |
| Highest |
2.7335 |
8.3447 |
2.1116 |
6.7507 |
| Lowest |
1.5468 |
0.9065 |
1.1159 |
0.6181 |
| Median |
1.75 |
2.43 |
1.28 |
1.84 |
| District |
District Name |
Gross
Rate |
Rank |
SPTRC |
Rank |
Net
Rate |
Rank |
| 001 |
BEAN BLOSSOM TOWNSHIP |
2.0329 |
1428 |
24.8441 |
848 |
1.5278 |
1402 |
| 002 |
STINESVILLE TOWN |
2.1394 |
1325 |
24.7217 |
880 |
1.6105 |
1295 |
| 003 |
BENTON TOWNSHIP |
1.5918 |
1802 |
27.2459 |
440 |
1.1581 |
1802 |
| 004 |
BLOOMINGTON TOWNSHIP |
1.7364 |
1744 |
26.5830 |
528 |
1.2748 |
1706 |
| 005 |
BLOOMINGTON CITY-BLOOMINGTON T |
2.2856 |
1148 |
24.0823 |
1025 |
1.7352 |
1110 |
| 006 |
CLEAR CREEK TOWNSHIP |
1.6644 |
1790 |
27.1392 |
451 |
1.2127 |
1757 |
| 007 |
INDIAN CREEK TOWNSHIP |
1.5920 |
1801 |
27.5406 |
384 |
1.1536 |
1803 |
| 008 |
PERRY TOWNSHIP |
1.6347 |
1793 |
27.3875 |
415 |
1.1870 |
1786 |
| 009 |
BLOOMINGTON CITY-PERRY TOWNSHI |
2.2828 |
1152 |
24.0876 |
1022 |
1.7329 |
1115 |
| 010 |
POLK TOWNSHIP |
1.7538 |
1728 |
26.8863 |
471 |
1.2823 |
1697 |
| 011 |
RICHLAND TOWNSHIP |
2.0770 |
1382 |
24.5615 |
923 |
1.5669 |
1358 |
| 012 |
BLOOMINGTON CITY-RICHLAND TWP. |
2.7335 |
568 |
22.7507 |
1326 |
2.1116 |
557 |
| 013 |
ELLETSVILLE TOWN |
2.6647 |
637 |
21.8999 |
1468 |
2.0811 |
597 |
| 014 |
SALT CREEK TOWNSHIP |
1.5468 |
1812 |
27.8595 |
327 |
1.1159 |
1810 |
| 015 |
VAN BUREN TOWNSHIP |
1.7040 |
1762 |
26.3075 |
567 |
1.2557 |
1729 |
| 016 |
BLOOMINGTON CITY-VAN BUREN TWP |
2.3172 |
1113 |
24.0057 |
1043 |
1.7609 |
1073 |
| 017 |
WASHINGTON TOWNSHIP |
1.5562 |
1809 |
27.9398 |
318 |
1.1214 |
1809 |
Notes:
1) With the 2002 reassessment, Indiana changed from "true tax value" to "market
based value". As a result, rates will vary significantly from previous years. This
does not necessarily indicate significant changes in taxes levied.
2) Ranks are among 1,867 taxing districts so far reported.
3) SPTRC is State Property Tax Replacement Credit.
4) Net rate is derived as follows: multiply state property tax replacement factor
(SPTRC) by .01, subtract this number from 1; multiply gross rate by the result.
5) The replacement factor determines by how much money the tax bill is lowered by
fund transfers from the State of Indiana.
6) Net rate does not reflect possible homestead, special case, or county-specific
credits.
7) The source agency for these rates is the Indiana Department of Local Government
Finance and specific tax related questions should be addressed to their office.
--------------------------------------------------------------------
Data organized by the Indiana Business Research Center, Indiana University, Kelley
School of Business.
STATS Indiana www.stats.indiana.edu
File produced: Mar 3, 2008
At the direction of Governor Daniels, the Department of Local Government Finance
(DLGF) developed summaries to provide taxpayers information about property taxes
in their counties. These summaries are the first compilation of this information
by county in Indiana. Each county summary provides a property tax breakdown for
2006 and 2007 and shows the shift of property tax burden between property classes.
Additionally, the summaries break down where each property tax dollar goes, show
a 2006-2007 comparison of local spending by unit and list recent debt issued by
unit. Finally, the summaries reveal how much local spending has changed over a 10-year
period and compare it to the rate of inflation.