Indiana Property Taxes Explained

Indiana property taxes are figured by market based assessment. Market based assessment is usually somewhat less than the market value. Homeowners should be able to get their actual market based assessment from their Township Assessor or County Assessor. The current tax rate is $2.2778 per hundred of assessed value. These determined taxes are paid in arrears, meaning that the taxes to be paid this year are those that are owed for the previous year. Property taxes are paid in two installments each year - May 10 and November 10.

Many lenders require homeowners to include property taxes with the mortgage payments. These funds are placed in an escrow account. When it comes time to pay bi-annual taxes, the amount is taken out of established escrow account.