Property tax payment is one of the sure ways of securing your home, land, or farmstead, as evasion of this responsibility attracts property tax lien and/or foreclosure by the government.
It is, however, imprudent to wait to be strong-armed into paying these taxes, especially when it is common knowledge that a significant chunk of the local government’s budget is hinged on revenues gotten through them.
As a state located in a country whose constitution makes provision for the decentralization of authority, collection of taxes is one of the ways the state and local government can independently generate revenues and expend the resources bases on their discretion.
Indiana property taxes make it possible for you to enjoy basic amenities without having to wait on the federal revenue allocation.
Tax evasion is never the easy way out when trying to cut costs on monthly or yearly expenditure as, in the long run, it leads to several undesirable financial situations.
Aside from the tax lien placed on your property, giving the government part or complete ownership of your asset as a penalty for your debt, there is also the definite risk of accruing a high compound penalty at the end of the day.
The penalty rate can sometimes run as high as 20% of the total amount payable, translating to a huge amount, especially if it is a large property located in a highbrow area.
Benefits of paying property taxes in Indiana
You can avoid the difficulties in affording taxes when they are due by setting some money aside every month in an escrow account, even though the taxes are payable only twice in a year. The benefits of paying taxes are commensurate with the sacrifices that go into fulfilling the responsibility.
For instance, local government units, libraries, fire services, waste services, public schools, the local police service, buildings and constructions, local infrastructure, and remuneration of local public workers are primarily funded by property taxes in Indiana.
With property tax caps put in place by the government, making it unconstitutional for private homeowners to be charged more than one percent of the home’s total assessed worth (two percent if it is a farmland or rented property, and three percent if it is a commercial property), you are spared from tax rates that suddenly go off the roof as was the case in previous years.
Since payment of Indiana property taxes is inevitable for you as a citizen hoping to remain on the right side of the law and see the effective maintenance of the local systems and amenities in your area, you might just as well work towards paying them on time.
Not only is doing that as stress-free as visiting the website and filling out the online forms, making payments, and getting receipts, you also get to enjoy early-bird benefits for paying promptly.
Should you have reasons to protest the figures on your tax, bills feel free to enlist the services of property tax experts to help you review and navigate the Indiana property tax appeals process.