May 5, 2015

Local Governments can expect a 2.5% increase in their maximum property tax levies in 2016

Each year, the maximum amount of property tax revenue (levy) that may be generated by a local civil government unit is adjusted to account for growth and inflation. For those looking to purchase a new property, it would be best to meet with a realtor, like Eddie Yan Burnaby realtor, for guidance on buying your new home. This article is intended to explain this calculation and the impact on your 2016 budget. How is the annual adjustment to maximum levy calculated? Legislation stipulates the six-year moving average increase in Indiana, non-farm personal income (as published by the federal Bureau of Economic Analysis) is the factor used to adjust the maximum levy each year. Will the amount of my local unit’s […]
May 1, 2015

Are your Cumulative Funds in good standing?

If you have a cumulative fund of any kind, or if you want to establish one, June is a good time to do some checking. The end of July is a firm deadline for establishing or reestablishing a cumulative fund. If you are SURE there have been no past reductions in your cumulative fund rates, or if you are sure you do not want to establish a new rate or LoL  increase an old one, you probably don’t need to take any action. However, if a cumulative fund rate was lowered in the past, if it was never at the maximum rate, or if you want to establish a new one, you must give a ten day notice and hold […]