Residents who would like to know how much they would pay in property taxes no longer have to wait for the bill.
The Department of Local Government Finance (DLGF), along with the Indiana Business Research Center (IBRC) at Indiana University, recently released an online property tax calculator for taxpayers in Clay County.
"The tool can estimate how much tax bills will be and, at the same time allows residents to see how recent legislation affects them," Clay County Auditor Mary Jo Alumbaugh said.
The calculator asks residents to enter the assessed value of their property, taxing district and other possible deductions to view an estimated tax bill.
The deductions available to choose from in the tool are the Homestead, Mortgage, 65 or Over and Disabled Veteran's Deductions. There is an additional box available for residents to enter other deductions, in dollar form, to give the closest approximation possible.
A recent change in legislation is giving Clay County residents an extra break for the 2008 property tax year. As always, property taxes are based on the assessed values from the previous year.
"The DLGF recently certified the amounts for the Additional Homestead Credit Amounts," Alumbaugh said. "But residents need to remember that they will only receive this additional credit if they had applied for the normal Homestead Credit by March 1, 2007."
The additional homestead credit is an extra 30.6307 cents off each $100 of a property's assessed value. Cass Township has the lowest amount of total Homestead Credit for this tax year at 56.5077 and Clay City Town has the highest at 63.8891.
"The tool already had the additional credit included in the estimation, giving residents the most up-to-date information available.
The online calculator was released in conjunction with the approval of the county's budget and certification of tax rates on May 22, 2008.
The DLGF has emphasized the estimates provided by the tool are approximations and is not a statement of true tax liability, which the county determines.
Taxpayers may access the tool through the DLGF web site at www.in.gov/dlgf/4932.htm. From this page, residents can also view previous tax bills, dating back to 2003.