6.14.2013

Great News For Apartment Owners!

Great News For Apartment Owners – 2% Rate Cap for All Apartment Common Areas Will Apply to 2014 Tax Bills!

The DLGF announced today (June 14, 2013) that, effective for taxes payable in 2014, common areas of residential properties will become subject to the 2% rate cap as opposed to the higher 3% rate cap applied to other non-residential real estate and personal property.

The Indiana Apartment Association should be heartily congratulated for their outstanding lobbying efforts in making this happen.

History - Beginning with the implementation of real estate tax rate caps, homestead residential property has generally been limited to a 1% tax rate, “other residential” property and agricultural land have been subject to a maximum tax rate of 2% and three and other real estate and personal property has been subject to a 3% rate cap.
Since that time, most assessors and the Department of Local Government Finance have interpreted the word “residential” to mean only the buildings containing residential units and the land under those buildings. Therefore common areas of apartments have not been deemed residential and have been separately assessed as property subject to the higher 3% rate cap.
The most recent legislature’s passage of House Enrolled Act 1545 (signed into law on May 11) defined common areas of residential properties in such a way as to clarify that they are subject to the 2% rate caps. However, the law’s effective date was somewhat unclear. With today’s memo, the DLGF has made clear that the law will apply to the 2013 pay 2014 real estate tax cycle.

Congratulations to Apartment Owners!

4 comments:

Thank you for your post. This is excellent information. It is amazing and wonderful to visit your site. It really gives me an insight on this topic. You can find more information about residential properties here.

nice http://blog.tamultihousing.com/2013/06/great-news-for-apartment-owners.html

In der heutigen Zeit ist es wahrscheinlich am schwierigsten, das richtige Eigentum zu erwerben. Heidelberger wohnen ist eigentlich eine Website, die Verkäufer, Käufer, Vermieter und Mieter gemeinsam unterstützt und die Arbeit für alle einfacher macht. Interessierte können bei Bedarf auf den Link https://www.fipbo.com/read-blog/39262_feinste-details-zum-immobilienmakler-heidelberg klicken oder unsere öffentliche Website besuchen, um mehr über Immobilien Heidelberg zu erfahren.

Window Graphics Hampshire are actually popular nowadays as well as also from outdated times, it is standard approach of advertising.Window Graphics Hampshire is actually a film that sticks into the glass with no damages to the glass. These are the developing and also marketing means which are carried out on the home windows in variety of shapes and designs additionally they are customizable according to your company requirements.These are actually numerous advantages of Window Graphics Hampshire and some of the leading advantages are actually listed below: https://stickermanstudios.com

Post a Comment