ANDERSON – Most property owners in Madison County should see a decline in their property tax bills in 2014.
The decline in the tax rates is a result of an increase in the assessed value of properties in the county.
The net assessed value for Madison County increased by $269 million for 2013 taxes payable in 2014 to $3.6 billion.
Only seven taxing units had their property taxes raised for 2013 taxes payable in 2014 as set by the Indiana Department of Local Government Finance. The tax rate is paid based on every $100 of assessed valuation of a specific property.
Property owners in the town of Ingalls will see their tax rate decline by 17.7 percent by 72.33 cents per $100 of assessed valuation to a tax rate of $3.3504.
Not taking into account any property tax exemptions, the owner of a house with an assessed value of $50,000 will save approximately $361.65 this year.
Kip Golden, Ingalls clerk-treasurer, said the drop in the property tax rate is the result of an increase in the town’s assessed value.
“They caught back up this year to where it should have been,” he said. “Three years ago there was a drop in the assessed value of about 26 percent. They didn’t include a subdivision of new homes.
“We’re pretty happy with the tax rate,” Golden said.
Madison County Assessor Larry Davis said the market in the county has stabilized and the assessed value went up.
“There are a number of variables,” he said. “If the cities and towns held the line on the budgets and the assessed value increased, the tax rate would drop.”
Davis said the DLGF, which sets the value of farm ground statewide, increased the per acre assessed value for 2013 taxes payable in 2014 from $1,630 to $1,760.
Elwood city residents in both Duck Creek and Pipe Creek townships are seeing a 15 percent drop in the tax rate. The tax rate in Duck Creek Township dropped by 75.71 cents to a rate of $4.2845 and in Pipe Creek Township the decline was 76.09 cents to a rate of $4.3062.