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Delaware County Taxes

Delaware County Taxes. How they are collected and where they go. Tax sources for government . Delaware County and all government agencies are funded by 2 main tax sources Property tax. Income tax on wages. Other County taxes. Two other taxes help fund some government services Wheel tax

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Delaware County Taxes

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  1. Delaware County Taxes How they are collected and where they go.

  2. Tax sources for government • Delaware County and all government agencies are funded by 2 main tax sources • Property tax. • Income tax on wages.

  3. Other County taxes • Two other taxes help fund some government services • Wheel tax • Food & beverage tax

  4. Property taxes • Property taxes are the main source of funding for local Indiana government. • Taxes levied on real property and business property • Capped as a percentage of assessed value by state law

  5. Maximum property tax rate • Homestead property (your primary residence) 1% • Other residential and agricultural property 2% • Commercial, industrial, and personal property 3% • Taxes cannot exceed these rates, even if it requires a reduction in the budgets of governmental units.

  6. Delaware County Property taxes

  7. How property taxes were distributed

  8. How the tax dollars were spent

  9. Common property tax deductions • Several property tax deductions are available to qualified homeowners. • The most common deductions are: • Homestead • Mortgage • Other deductions are available for a variety of circumstances including being over 65 with a limited income or being a disabled veteran.

  10. Homestead deduction • The total amount of homestead standard deduction for properties with value of $200,000 or less, which an individual may receive for a particular year, is the lesser of: • (1) sixty percent (60%) of the assessed value of the real property or mobile home; or • (2) forty-five thousand dollars ($45,000). • High value homes qualify for a supplemental homestead deduction in addition to the standard deduction.

  11. High value home deduction • The supplemental deduction is calculated at 35% of assessed value for properties with assessed values between $200,000 to $600,000 and at an additional 25% of assessed value for properties above $600,000. • All homestead deductions must be filed by January 5 for residences or March 31 for mobile homes.

  12. Mortgage deduction • You can take a mortgage deduction if you have a mortgage on your primary residence. The deduction is whichever is the least of the following: • (1) The balance of the mortgage or contract indebtedness on the assessment date of that year; • (2) One-half (1/2) of the assessed value of the real property, mobile home or manufactured home; or • (3) Three thousand dollars ($3,000). • Must be completed by December 31

  13. Local income taxes • Delaware County collects two different local option income taxes; County Option Income Tax (COIT) and County Economic Development Income Tax (CEDIT). • Both taxes are collected as part of your state income tax payment and are due April 15th.

  14. County Option Income tax (COIT) • This tax is collected at a rate of .6% of wages earned by county residents. • Non-residents who work in Delaware County pay 25% of the resident tax rate (.15%). • Revenue from this tax is split proportionally between all county units of government that receive property taxes.

  15. County Economic Development Income Tax (cedit) • Collected at a rate of .4% on wages earned by all people who are employed in Delaware County whether they reside therein or not. • 0.2% of this tax is distributed proportionally to Delaware County government and all cities and towns therein. • 0.2% is used as Homestead Credit relief.

  16. Other taxes • Wheel Tax: Must be used for road improvement per county statute. • Food and Beverage tax: This is used to fund the operations of the Delaware County Civic Center Authority (the convention center in downtown Muncie).

  17. Wheel tax rates: • Passenger cars and light trucks $25 • Motorcycles $15 • Busses $40 • Recreational vehicles $40 • Semi-trailers $40 • Tractors $40 • Light trailers (less than 12,000 lbs) $ 5 • Heavy trailers (12,000 lbs and greater) $40 • Trucks (greater than 11,000 lbs) $40

  18. Some services funded by taxes • Animal control • Beach Grove Cemetery

  19. Libraries • Streets, bridges, roads

  20. Parks • Schools

  21. Fire protection • Police

  22. Sanitation and sewage • Public health

  23. For more information:

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