| Articles for March 5, 2008: |
| The Property Tax Crisis: How did we get here? |
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Property tax relief is clearly the top issue in the current session of the Indiana General Assembly. By the time the General Assembly adjourns March 14, some combination of tax relief components will be enacted and we at Umbaugh will analyze what that means for local governments and schools.
While we're monitoring the legislative debate, this issue of Footnotes and the next will take a look at how we arrived at the current property tax situation.
To read the full article, please click on Full Article below.
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| Indiana Sales Tax and Utilities |
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We have received numerous questions in the past several months regarding Information Bulletin #51 published by the Indiana Department of Revenue in July 2007. This bulletin, available on the Department's Web site, discusses Indiana sales tax and its applicability to public utilities.
To read the full article, please click on Full Article below. |
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| Property Tax Shortfalls and Levy Excess |
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Now that 2007 is over, it is time to determine if your taxing unit received an under-collection ("shortfall") or over-collection ("levy excess") of property taxes. You determine that by comparing the DLGF certified tax levy for 2007 with actual property tax collections for 2007. A shortfall occurs when property tax receipts are less than the certified levy, and a levy excess occurs when actual receipts exceed the certified levy. Note that 2007 property taxes collected in 2008 are included in the determination for 2007 even though they were collected the following year.
To read the full article, please click on Full Article below. |
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CIRCULAR 230 DISCLOSURE:
To ensure compliance with U.S. Treasury Department Regulations, we are required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments, is not intended or written by us to be used, and cannot be used, by anyone for the purpose of avoiding federal tax penalties. |
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