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For Immediate Release
INDIANAPOLIS (November 1, 2007) – The Department of Local Government Finance (DLGF) today certified the distribution of $300 million in property tax relief to counties. The money will be used to administer the Homestead Credit Rebate.
“The Department of Local Government Finance is meeting the statutory deadline in certifying rates and amounts to counties,” Commissioner Cheryl Musgrave said.
County officials will allocate the funds to approximately 1.6 million Hoosiers with a homestead exemption on their property. As required by the legislation authorizing the rebate, local officials will be required to issue the rebates as a warrant.
The amount certified by the DLGF varies by county, but ranges from approximately $196,000 to just over $51 million. Data required by law and provided to the DLGF by counties was used to determine the amount each county would receive.
The DLGF certified rebate tax rates for each taxing unit with a certified budget order, which will allow county auditors to calculate the rebate amounts for each parcel. For those counties without a certified budget order, or counties that are undergoing reassessment and where taxpayers are paying 2006 tax rates, rebate rates will be certified when budget orders are issued or reassessments completed.
By law, the refund will first be applied against any unpaid taxes owed by the taxpayer. The remaining amount of the refund will be paid to the taxpayer, mortgagee or owner of record, as decided by the county auditor.
Counties are allowed to earn interest on the funds until the rebate checks are mailed. This equates to approximately $1.25 million per month statewide and will help offset the costs of printing and mailing checks.
Contact: Department of Local Government Finance at 317-232-3777
2007 News Releases (View)