Estimated Impact to Total Tax Bill (2023 to 2024) (%):
Assumptions
The proposed operating referendum tax rate of $0.2050 is for the purpose of funding the Tri-Creek School Corporation Teaching and Security Program that will invest in teachers, aides, staff and security personnel. If approved, the operating referendum would begin with the 2024 property tax bills.
Real property assessments are adjusted annually due to changes in market conditions. Taxpayer liability will change in relation to changes in parcel gross assessed value.
Homestead parcels are assumed to have homestead and supplemental homestead deductions. Pursuant to HEA 1260, for taxes payable in 2024 and thereafter, the homestead deduction will increase to a maximum of $48,000 and the standard mortgage deduction will no longer be available. Assumes no deductions for non-homestead properties.
Calculation of estimated 2023 tax bill is based upon pay 2023 certified district tax rates, per the Lake County Budget Order. Calculation of estimated 2024 tax bill assumes Tri-Creek School Corporation's total non-exempt tax rate is reduced to $0.9300, the addition of Tri-Creek School Corporation's $0.2050 operating referendum tax rate, and the tax rates of other taxing units remain unchanged from 2023.
Includes 2023 PTRC of 14.6280% for all properties, per the Lake County Auditor's Office. Local property tax replacement credits are not applied to operating referendum tax rates, per Indiana Code 6-3.6-5-6.
Assumes 1%, 2% and 3% tax caps as applicable.
For illustrative purposes only. Actual results may vary. Prepared by Baker Tilly Municipal Advisors, LLC