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Larry DeBoer: How are property tax levels determined?
WEST LAFAYETTE – Consider the eternal questions. Why is the sky blue? Why is the grass green? Why are some Indiana local government property tax rates high, while others are low? Let’s leave the answers to the first two to actual scientists. I’ll take a stab at that last one. Suppose we measure the revenue capacity of Indiana local governments. Our counties, cities, school districts, libraries and townships receive revenue from property taxes and local income taxes. Schools get a lot of aid from the state. Counties, cities and towns receive state aid for roads. And there are interest earnings, charges and fees, and dozens of other smaller revenue sources. Let’s calculate the average property tax rate for all Indiana local governments, then multiply that rate by the taxable assessed value in each county. That gives the amount they could collect if their tax rates were just average. Calculate the average revenue from local income taxes by multiplying the average local income tax rate by each county’s taxable income. Then add in school and road aid, which depend on state aid formulas. And take the state average of the other revenues per person, and multiply by county population.
Larry DeBoer: Why is road funding wedded to driver user fees?
WEST LAFAYETTE – The General Assembly is in session, and the big issue this year looks to be road funding. How will we raise the additional $1 billion or more that we need to maintain our roads? Funny thing, we seem to be wedded to the idea that those who use the roads should pay for them. We don’t always think this way for other expenditures. We don’t for K-12 education. The Constitution doesn’t allow tuition for public schools. The authors must have thought that an educated public benefitted everyone, not just the kids and their parents. You could make the same argument for roads. We all benefit whether we drive or not. Even if you walk to the grocery store, the food on the shelves has arrived in trucks, driven on roads.
But, for whatever reason, we want drivers to pay for roads. That’s why we accept excise taxes on motor fuel as a way to fund road maintenance.
Larry DeBoer: Expect 1.7% GDP growth in 2017
WEST LAFAYETTE – Is it September already? While I’m gearing up for my economics class at Purdue, it’s a good time to take a look at the economy. Got to offer those eager young people the latest word! Let’s start with gross domestic product, our main measure of goods and services production. GDP grew 1.2 percent above inflation from July 2015 to June 2016. That’s pretty slow. Don’t blame consumers. Consumer spending increased 2.7 percent above inflation over the past year, and when people buy, businesses produce more products and hire more employees. There are good reasons to think that consumers will keep spending. Job prospects are better. Wages are edging upward. Home and stock prices are up. Let’s put consumers down for 3 percent spending growth next year.
Larry DeBoer: Crunching Indiana's school funding formula
WEST LAFAYETTE – The good folks at the Indiana Department of Education sent me some school finance numbers to play with. School finance is a big topic in the Indiana General Assembly this year, so this is a good time to do some number crunching. Here’s number crunch one. In fiscal year 2015 – that’s July 2014-June 2015 – the state will distribute almost $6.6 billion to public school corporations and charter schools. State aid was $6.2 billion in calendar year 2012 (it was switched to fiscal years in 2013), so that’s an increase of 5.1 percent in two and a half years. Consumer price index inflation was about 3.4 percent during that period, so there’s been a small increase in what state aid can buy. Inflation is expected to be about 2 percent per year during the next biennium. Will aid increase enough to match? The increase in state aid will be one of the most closely watched numbers in the debate over the next budget.
Larry DeBoer: Farmland taxes becomes hot legislature topic
WEST LAFAYETTE – Once again, farmland assessments and property taxes are going up. The Department of Local Government Finance, which oversees the property tax in Indiana, has set the base rate per acre of farmland for 2015 taxes at $2,050 per acre. That’s a 16 percent increase from the base rate for 2014 taxes. In December the DLGF announced the base rate for 2016 at $2,420, another 18 percent increase. The base rate has been rising for years. But, this year, it’s a hot topic in the General Assembly. The base rate is the starting point for farmland property tax assessment. It’s a statewide dollar amount per acre. It’s adjusted by each acre’s productivity index so that the acre’s value reflects how much corn it can grow. Some values are adjusted downward for factors like forest cover or frequent flooding. The resulting assessment is multiplied by the sum of the tax rates for the local governments where the land is located. That’s the tax bill.
Larry DeBoer: Have our taxes gone up?
WEST LAFAYETTE - The headline said “Hoosiers’ taxes rise as income goes down.” The story told of the Tax Foundation’s finding that Indiana taxes had increased from 8.4 percent of income in 2001 to 9.5 percent of income in 2011. Like many, I thought, “You’ve got to be kidding!” Our Legislature has passed big tax reforms, we’ve voted for constitutional amendments, we’ve seen property tax cuts, income tax cuts, corporate tax cuts. And our tax burden has gone up? How?
What happens if we eliminate property taxes on business equipment?
By LARRY DeBOER
WEST LAFAYETTE -The Indiana General Assembly may consider eliminating property taxes on personal property in the upcoming session. Personal property is almost entirely business equipment. Eliminating this tax could encourage more business investment in Indiana, especially since some of our neighboring states have already eliminated this tax. Personal property owners pay about a billion dollars in property taxes to local governments, which is 16 percent of total property taxes. Eliminating this tax would create some big tax and budget issues for legislators to consider. Here's why.
Larry DeBoer: Indiana's good fiscal shape
WEST LAFAYETTE — July 11 was one of the great days on the number-crunching calendar. It was Indiana’s “close-out,” the day the Indiana State Budget Agency wraps up the numbers for the fiscal year.
And there’s no doubt, we’re in good shape. We took in more revenue than we spent in fiscal 2013, and we’ve got nearly $2 billion in the bank, which is a healthy 13 percent of the total budget.
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IU hires Dayton coach Archie Miller
“While there was great interest in this position, Archie Miller was on my short list from the very beginning. The more I learned about him, the more convinced I became that he is the coach we need to meet our high expectations for many years to come. First, he has the commitments to compliance, wellness and academics that we require at Indiana. A coach’s son with the headiness and toughness to flourish as a (5-foot-9) major college point guard, Archie is a proven leader, proven winner, proven recruiter and a proven player developer with a defense-first mentality that will help us win championships. Perhaps most importantly, he understands and embraces the special stature of Indiana University basketball and the critical relationship it must have with its former players, Indiana high school players and programs, and the entire state of Indiana.”
- Indiana University Athletic Director
on the hiring of Dayton coach
to coach IU basketball. Miller, 38, is 139-63 at Dayton, his first-head coaching job, and has guided the Flyers to four consecutive NCAA Tournament appearances. Miller, whose brother is Arizona coach
, played at North Carolina State.
A question for Gov. Holcomb: Who's the king of rock n' roll?
Howey Politics Indiana
conducted a brief interview with Gov. Eric Holcomb earlier this week, we followed up with this probing question for a governor who loves rock n’ roll: Who’s the King of Rock n’ roll: Elvis Presley or Chuck Berry? Holcomb responded, “That’s a trick question. It’s not an ‘either-or’ answer. It’s ‘and.’ The world was big enough for two kings who both owned every room they ever performed in!” Great answer, Gov!
- Brian A. Howey, publisher
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