Financial Considerations and Resources for Homeowners
Property Taxes
Property taxes represent a property owner’s portion of the local government’s spending in a given year. Property taxes
in Indiana are paid in arrears, meaning the taxes paid in the current year represent the taxes owed for the previous year.
Taxes in Indiana are due annually in two installments - May 10 and Nov. 10. Property taxes are frequently included as a
portion of monthly mortgage payments. The mortgage company holds these funds in an escrow account until the
property tax bill is due.
A property’s assessed value is the basis for property taxes. Annually local assessing officials assess the value of real
property on March 1 based on market value in use of the property. County officials add all of the assessed values of
property in a county together and subtract the applicable deductions to determine the county’s net assessed value. The
Indiana Department of Local Government Finance sets the total amount of money government units in a county can
spend in a year based on projected revenues for the county. This total allowed expenditure is divided by the net
assessed value to determine the tax rate. Most simply, this can be explained as:
TAX RATE = Estimate of funds to be raised/net assessed value
The tax rate is multiplied by the assessed value after all deductions are subtracted from each property. A complete
listing of deductions and eligibility requirements is available on the Indiana Department of Local Government Finance’s
website: http://www.in.gov/dlgf/2344.htm. The county auditor then applies the state homestead credit and property
tax replacement credit to arrive at the amount the property owner will pay in taxes to the county.
Property Tax Exemptions
Visit the Owen County Auditor’s office or online at: http://www.owencounty.in.gov/ to file a Homestead
Property Tax Credit/Deduction.
Programs
Programs are available through various federal, state, and local agencies which can assist with home
ownership and homeowner needs:
USDA-Rural Development
812-334-4318 ext.4
http://www.rurdev.usda.gov/HSF_SFH.html
Indiana Housing & Community Development
Authority
(800) 872-0371
http://www.in.gov/ihcda/
South Central Indiana Community Action Program
(812) 829-2279
http://www.insccap.org/
Area 10 Agency on Aging
(812) 829-6066
http://www.area10.bloomington.in.us/
Indiana 211
2-1-1 is a three-digit phone number anyone can call
to get information about health and
human services.
http://www.in211.org/index.htm
Building Permits, Fees and Inspections
County Health Department/Building Department:
http://www.owencounty.in.gov/
812-829-5017
The Town of Spencer:
http://www.spencer.in.gov/
(812) 829-3213