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IN – Increases sales tax & decrease collection allowance for property tax relief

Posted by salestax on March 31, 2008

The property taxes won’t be relieved until 2010.  And, it’s not a real relief, depending on what your property taxes are now.  They are capping the amount of tax that can be collected.  1.5% in 2009 and 1% in 2010 – according to homes assessed value.  I wonder who will be assessing the value.  Look for Indiana to go through a huge reassessment program in the next couple years.  Is there really going to be relief? 

Not only is Indiana’s sales tax rate increased from 6%-7% as of April 1st,  but for those of you out there that like the advantage of a collection discount from the state of Indiana, be aware that this amount is being reduced for collections reported after June ’08.  So, if you were a collector of $10K of sales tax for the state, you used to be able to keep .83% of that amount.  Now, you can only keep .73%.  But, I guess it’s better than nothing, right?

And, if you collect a lot of sales tax dollars for the state of Indiana, they are now graduating the collection discount:  .73% up to 60K, .53% between $60-600K and .26% if you collect over $600K/month.

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2 Responses to “IN – Increases sales tax & decrease collection allowance for property tax relief”

  1. Ms Dalma Rivera said

    I work in the Credit dept of ELECTROGRAPH , 50 MARCUS BLVD, HAUPPAUGE, NY 11788 TEL 631- 436-2050

    How can I verify a Sales Tax Exemption certificate I just received from our customer?

    my direct line is 631-951-9806

    thank you

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