Property tax rates across the county dropped this year, but whether your tax bill will be lower isn’t known just yet.
The state recently approved tax rates for Johnson County, and for most areas the rates either went down or stayed the same.
Tax rates are one of the key factors used to determine how much you pay in property taxes, along with the value of your property.
Across the county, tax rates fell in the majority of taxing districts, which are determined by what government services your property receives. The decreases were anywhere from 1 to nearly 5 percent, according to the rates released by the state.
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At the same time, the overall value of property increased by 5 percent for all of Johnson County. And in some communities, the increases were more, such as in Bargersville, where the total value of property increased by 13 percent, or in New Whiteland, where the value increased by 8 percent.
Typically, when property values go up, tax rates fall and vice versa.
But if your property value went up, that means the amount you are paying taxes on is higher. A lower tax rate could mean that you pay nearly the same in your tax bill as what you had in the past.
You won’t know what the changes will mean until May, when you receive the first half of your property tax bill for this year. The county already had calculated the changes in property values, and now that tax rates, which are based on government spending, have been finalized by the state, the county can use those amounts to prepare tax bills to be sent.
The growth in property values, which includes new homes and businesses, along with expansions or improvements to existing properties, brings the overall value of properties in the county to more than $6.6 billion. That’s a growth of nearly $1 billion in value over the last five years, according to state data.
Other communities also grew in value, with increases of 4 percent in Franklin and 5 percent in Greenwood and Whiteland.
Now that tax rates have been approved by the state, here is a look at what comes next in preparing your tax bill:
The tax rates will be used with the value of your property, and any deductions, to calculate your total property tax bill.
Property tax bills are typically mailed out about a month before they are due.
The first half of property taxes is typically due on May 10. The second half is due Nov. 10.