Property tax billing statements for May payment have been recently distributed to Floyd County residents by the Floyd County Treasurer.
The tax rate is the total of the various entities tax rates in the county combined to make up the total tax rate for each Township (Taxing District).
We have been made aware of some misinformation being posted on social media and talked about amongst members of the community regarding tax increases, tax breakdowns/bills, school tax, and special district.
The first clarification is the “Special District” for Lafayette Township residents is the Fire Protection District which is not “New” and has been in effect and on the tax bill as “Special District” for 13 years.
The second clarification is regarding tax rates. The entities tax rates are established through an annual budget process and set by the Indiana Department of Local Government Finance which is the final authority. For Lafayette Township property owners, they are as follows:
|TAXING ENTITY FUND||2020|
|Floyd County General Fund||0.2143|
|Floyd County 2015 Reassess Fund||0.0067|
|Floyd County Cumulative Bridge Fund||0.0133|
|Floyd County Health Fund||0.0173|
|Floyd County Parks & Recreation Fund||0.0185|
|TOTAL FLOYD COUNTY ENTITY FUNDS||0.2701|
|Lafayette Township General Fund||0.0034|
|Lafayette Township Assistance Fund||0.0026|
|TOTAL LAFAYETTE TWP ENTITY FUNDS||0.006|
|Lafayette Township Fire Protection District Special Fire Debt Service Fund||0.0406|
|Lafayette Township Fire Protection District Special Fire General Fund||0.1534|
|Lafayette Township Fire Protection District Special Cumulative Fire Fund||0.0333|
|TOTAL LAFAYETTE TWP FIRE PROTECTION DISTRICT ENTITY FUNDS||0.2273|
|Floyd County Public Library General Fund||0.0678|
|TOTAL FC PUBLIC LIBRARY ENTITY FUNDS||0.0678|
|New Albany-Floyd County Consolidated School Corporation Debt Service Fund||0.2776|
|New Albany-Floyd County Consolidated School Corporation Ref Debt Post09 Fund||0.1573|
|New Albany-Floyd County Consolidated School Corporation Operations Fund||0.5435|
|TOTAL NAFCS ENTITY FUNDS||0.9784|
|TOTAL FOR ALL ENTITY FUNDS FOR LAFAYETTE TOWNSHIP PROPERTY OWNERS||1.5496|
The overall county tax rate for Lafayette Township was reduced from 1.5511 in 2019 to 1.5496 in 2020. Floyd County is on a 4-year reassessment cycle meaning ¼ (one quarter) of the properties within Floyd County get assessed every 4 years. The Floyd County Assessor is responsible for completing these duties. The last assessment of 15,083 parcels was completed in portions of Greenville Township and Georgetown Township with the average annual adjustment of a 21% increase based on market evidence. The next assessment will be done this year for portions of Lafayette Township and Greenville Township.
There is also an Annual Adjustment that all areas receive that were not in the ¼ of the county that was assessed. This is based on the assessment on file, cost schedules (Set by the State of Indiana), Valid Sales Transactions, and Location Cost modifiers (LCM). This adjustment can vary from property to property.
If you experienced an increase in your tax bill this is due to an increased assessed value due to a recent assessment of your property, a loss of an exemption, or the annual adjustment. In Indiana, your assessed value should reflect the market value you would expect to sell your home or property for. If you feel your property is assessed for more than it should be (estimated market value) or if there are mistakes, there is an Appeal Process (https://www.in.gov/dlgf/2508.htm)