How To Figure Taxes

The table below illustrates how property taxes are figured, both with and without exemptions.

It's important to note how useful exemptions can be to homeowners -- If you think you qualify for exemptions, you must file with the Vanderburgh County Auditor's office. We have compiled some general information on exemptions, plus the current tax rates are available.

The following table applies to 2002 pay 2003 tax bills

Figuring your taxes WITHOUT exemptions Figuring your taxes WITH exemptions
Step 1 Gross assessed value (a/v) Land = 3,800
Imp = 111,300
115,100 Gross assessed value (a/v) Land = 3,800
Imp = 111,300
115,100
Step 2 No credits to apply   Homestead deduction
Mortgage deduction
(35,000)
(3,000)
Step 3 Net a/v 115,100 Net a/v 77,100
Step 4 Multiply Net a/v by tax rate
(In this case, 2.672300%)
  Multiply Net a/v by tax rate
(In this case, 2.672300%)
 
Step 5 Subtotal of taxes due 3,075.82 Subtotal of taxes due 2,060.34
Step 6 Multiply subtotal by PRC credit
(In this case, 0.274121)
  Multiply subtotal by PRC credit
(In this case, 0.274121)
 
Step 7 PRC credit (843.15) PRC credit (564.78)
Step 8     Subtotal 1,495.56
Step 9     Multiply subtotal by homestead percentage (in this case 0.155908) (233.17)
  Total Due Per Year 2,232.67 Total Due Per Year 1,262.39

If you have questions about the tax rates or exemptions, please contact your Vanderburgh County Auditor's office.

Last updated: 7/28/2008 9:05:23 AM
http://www.vanderburghgov.org/Index.aspx?page=1702