How does the tax calculator determine my tax impact?
The impact of the referendum is determined by this formula:
(Gross Assessed Value)-(Deductions)➗ 100 X (Operating Referendum Rate)) = Impact
The Operating Referendum is very straight forward in that the maximum rate is always the same over the eight year life of the tax impact. You can read more about Operating referendums and their eight year life on the FAQ page of our website.
The maximum rate for the operating referendum is $0.2032 per $100 of Net Assessed Value. Net AV is the taxable assessed value after all the taxpayer eligible deduction are removed. Every owner residence receives a $45,000 homestead deduction and a 35% supplemental deduction (25% if AV is $600,00 or above) Most home owners receive a $3,000 mortgage deduction. Beginning with taxes payable in 2024, everyone will receive the $3,000 deduction as the homestead deduction increases to $48,000. There are several other deductions a taxpayer may qualify for.
The school board has indicated they will evaluate the referendum rate each year to supplement the funding reductions by the State. The rate could be lower, but never higher than the maximum rate of $0.2032 per $100 of Net Assessed Value. Unlike all other tax rates on your bill, the referendum rate is unaffected by an increase in district assessed valuation.
The impact calculator on this website uses data from your current tax bill to determine the impact of the referendum rate. The assessed value, net assessed value, and all deductions direct from the current tax bills are used to provide the best possible estimate of your property tax.
The only impact to your taxes that can accurately be measured is for next year. As assessed value goes up in the district the “levy” of the the other funds is shared by more, reducing the impact to everyone.
The Indiana Dept. of Local Government Finance also has a referendum calculator which might create a different estimate. The impact calculator on this website and the data file on the referendum calculator provided by the DLGF both use the same 2021 pay 2022 assessed value. However, our calculator has ALL of the deductions preloaded correctly and will present a better estimate. To determine the tax impact for your property, fill out the owner address where the tax bill is mailed and select a parcel from the results.