EDIT rate to remain at $0.068
July 28, 2016 at 4:25 p.m.
Last year, the Kosciusko County Council voted 6 to 1 to eliminate the county's inventory tax.
Wednesday, by a unanimous vote, the Kosciusko County Council voted not to increase the Economic Development Income Tax. With this decision, the property tax rate will increase by approximately $0.06827.
This means a house with a $100,000 assessed value will pay $68.27 more this year and an additional $68.27 more next year.
Every taxpayer will see their property tax rate increase the same because of the loss of inventory assessed value.
Before the council took the vote, discussion was open to the council. Councilwoman Charlene Knispel said her in her opinion, "I think it's best not to raise EDIT."
John Kinsey, councilman, agreed, saying the council could wait a year and see what, if anything, the state plans to do.
After reviewing the figures, councilman Brad Tandy said the tax monies raised with increasing EDIT are minimal compared to the $3 million the county lost by removing the inventory tax.
"I think we should wait, not do it this year," Tandy said.
The state plans to remove the inventory tax statewide in approximately two years anyhow.
Council chairman Harold Jones said the amount of inventory tax differs from township to township, so each township's loss is different.
The state legislature, councilman Larry Teghtmeyer said, will likely continue to look at the property tax rates. The gain in raising EDIT is negligible compared to the loss, he agreed, and only those with the homestead replacement credit would see an offset in their taxes with an increase in EDIT.
When asked by councilman Tom Anglin why the county council eliminated the inventory tax in the first place, Jones said it was to remain competitive with the surrounding counties that already removed it.
Tandy made the motion to not increase EDIT, Knispel seconded. The motion passed 7 to 0.
Kosciusko County Auditor Sue Ann Mitchell said all inventory still has to be reported even though no taxes will be paid on it, so the county can quantify the impact that removing the inventory tax has on the county.
Members of the county council are Harold Jones, Tom Anglin, John Kinsey, Charlene Knispel, Maurice Beer, Larry Teghtmeyer and Brad Tandy. They regularly meet at 7 p.m. in the county courthouse, Warsaw, on the second Thursday of every month. [[In-content Ad]]
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Last year, the Kosciusko County Council voted 6 to 1 to eliminate the county's inventory tax.
Wednesday, by a unanimous vote, the Kosciusko County Council voted not to increase the Economic Development Income Tax. With this decision, the property tax rate will increase by approximately $0.06827.
This means a house with a $100,000 assessed value will pay $68.27 more this year and an additional $68.27 more next year.
Every taxpayer will see their property tax rate increase the same because of the loss of inventory assessed value.
Before the council took the vote, discussion was open to the council. Councilwoman Charlene Knispel said her in her opinion, "I think it's best not to raise EDIT."
John Kinsey, councilman, agreed, saying the council could wait a year and see what, if anything, the state plans to do.
After reviewing the figures, councilman Brad Tandy said the tax monies raised with increasing EDIT are minimal compared to the $3 million the county lost by removing the inventory tax.
"I think we should wait, not do it this year," Tandy said.
The state plans to remove the inventory tax statewide in approximately two years anyhow.
Council chairman Harold Jones said the amount of inventory tax differs from township to township, so each township's loss is different.
The state legislature, councilman Larry Teghtmeyer said, will likely continue to look at the property tax rates. The gain in raising EDIT is negligible compared to the loss, he agreed, and only those with the homestead replacement credit would see an offset in their taxes with an increase in EDIT.
When asked by councilman Tom Anglin why the county council eliminated the inventory tax in the first place, Jones said it was to remain competitive with the surrounding counties that already removed it.
Tandy made the motion to not increase EDIT, Knispel seconded. The motion passed 7 to 0.
Kosciusko County Auditor Sue Ann Mitchell said all inventory still has to be reported even though no taxes will be paid on it, so the county can quantify the impact that removing the inventory tax has on the county.
Members of the county council are Harold Jones, Tom Anglin, John Kinsey, Charlene Knispel, Maurice Beer, Larry Teghtmeyer and Brad Tandy. They regularly meet at 7 p.m. in the county courthouse, Warsaw, on the second Thursday of every month. [[In-content Ad]]