By Larry Riley in the Muncie Star-Press:
Last week saw the opening of the next General Assembly as the Indiana legislature held “Organization Day” and leadership in both House and Senate chambers announced priorities for next year’s “short” session.
...
Republican leadership in both chambers — the GOP controls both houses of the General Assembly — agreed on several issues of priority: education in general, early childhood education in particular, and the “skills gap” between many Hoosiers and the needs of modern workplaces.
Speaker of the House Brian Bosma added another: his hope of eliminating the business personal property tax in Indiana.
“While we’ve cut employer taxes to spur job growth,” he said in his Org Day statement, “we’re still one of the few states in the nation that taxes business personal property; investment by Hoosier employers is taxed in Indiana like not many other places.”
As far as property taxation goes, taxpayers are most familiar with real estate taxes: property taxes paid on land and buildings, including houses.
The calculations are more complicated, but in brief, homeowners generally get taxed at up to 1 percent of the gross assessed value of their homes, payable in twice annual payments in May and November. Legislation and a constitutional amendment in 2010 set this 1 percent cap.
For rental real estate, the cap is 2 percent, and for commercial and industrial property, the cap is 3 percent.
In addition to this tax, however, businesses pay property taxes on machinery and tools and desks and chairs, tables, filing cabinets, computers — any equipment that helps produce income.
...
See the full article here:
http://www.thestarpress.com/apps/pbcs.dll/article?AID=2013311270019&nclick_check=1
