Indiana Property Taxes are quite different from the other property systems. Here some of its key features that would help you understand them better.

1. The Department of Local Government Finance administers the Indiana Property Taxes.

2. These are collected by the local county treasurers.

3. Their value is assessed on the basis of the county’s assessors and the property’s fair market value as per the determination of the township.

4. In Indiana, over 99% of the Indiana Property Taxes received as revenues are diversified towards the local community.

5. The Indiana Property Taxes are used for various social causes like:

i. Funding the school systems
ii. Local townships
iii. City & county budgets
iv. Only a small part of it goes to fund the libraries and state governments.
v. Over 50% of these funds generated are diverged directly towards the schools.

6. These taxes are always paid as arrears – that is the amount you pay at present is actually for the year that has gone away.

7. The Indiana Property Taxes get due twice very year that is – May 10 & November 10.

8. This tax is evaluated on the basis of assessment made by the local tax assessors regarding the property?s current assessed value. This evaluation is determined every year on March 1.

9. The County officials then add all the assessed values of the property together in a county. Further they subtract the applicable deductions in order to determine the net assessed value of the county.

10. Based on the projected revenues for the county, the Indiana Department of Local Government Finance then sets a total amount of money that the government units in the county would spend.

11. Just like the other taxes, sometimes you can get some exemptions from a certain part of the property taxes. For instance the property taxes are limited for the senior citizens, veterans & homeowners. They could claim a homestead exemption against their primary residence only.

12. The local county government office is the right place to get guidance and apply for the exemptions. They would also update you on the tax limit status.

13. After you have made the application, it is the government’s job to verify the eligibility. Henceforth, they notify you regarding the acceptance or denial of the exemption request.

14. In case you wish to contest on the assessed value of your property or home, the right place to make the appeal is through the county and/or the local jurisdiction.

15. In this case you would have to attend a hearing where you would get an opportunity to state your stand and explain as to why you believe that the assessed property value is very high. Then the tax assessor would present his view as to how they derived that figure. The decision would lie in the hands of the appeal board. They make the decision within the time period of 120 days and thereafter notify the taxpayer.

16. Indiana property tax rates range somewhere in the middle in contrast with the other states. The range is 6.67% per $ 1000 to 15.11% per $ 1000 of the home?s value.

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The Finance Committee is a standing committee of the Board of Directors and is typically chaired by the Board Treasurer. The committee is responsible for reviewing and providing guidance for the organization’s financial matters. Specifically, the committee assures internal controls, independent audit, and financial analysis for the organization.

The Finance Committee reviews all financial statements and reports on financial activity to the full board. The full board may be better able to respond to aggregated information with important financial trends and issues highlighted in an accompanying narrative report. While each board member should have the opportunity to review organization-wide income and expense reports to understand the impact on the organization, members who are inexperienced at reading financial statements may get lost in overly detailed statements. To help the board fulfill its oversight function, it is important for the Executive Director and the Finance Committee to present the information in as clear and concise a manner as possible.

Here are the Finance Committee’s basic responsibilities:

1. Provide direction for the entire Board for fiscal responsibility.
2. Regularly review the organization’s revenues and expenditures, balance sheet, investments and other matters related to its continued solvency.
3. Approve the annual budget and submit it to the full Board for approval.
4. Ensure the maintenance of an appropriate capital structure.
5. Oversee the maintenance of organizational-wide assets, including prudent management of organizational investments.

Here are some specific tasks the Finance Committee might undertake:

1. Review revenues and expenses at a monthly Committee meeting.
2. Ensure that organizational funds are spent appropriately (i.e., restricted funds).
3. Develop an investment strategy.
4. Ensure the preparation of an annual audit, tax form (990), and audited Financial Statements.
5. Provide support to staff as needed.

A committee of about 5 or 6 knowledgeable people should be able to provide invaluable financial leadership to your Board.