The County Line
Hamilton County’s tremendous growth in new construction is reflected in new taxable valuation totals from the County Auditor’s office. The figures reveal the tax base on which property tax rates are calculated will raise more money next year if a tax rate remains the same as this year.
Countywide, the increase in assessed valuation rose more than $1.4 billion to a record $23.5 billion. Carmel experienced the greatest gain: $570 million, but $195 million of that was due to annexations. Arcadia was the only unit to suffer a loss in valuation, dropping from $38.7 million to $37.9 million.
Overall, there is good news for taxpayers because tax rates are expected to remain static in the case of most units of local government. In fact, rates could be reduced slightly and governmental units could still raise that same revenue as this year. (Exceptions would be in the case of any unit where voters have approved a referendum seeking more money.)
Of course, reductions are actually not likely because needs for services are increasing along with the population. Salary increases, added employees, energy costs and insurance costs will likely eat up the new money provided by the expanding tax base.
In any event, the larger tax base is one advantage of living in a growing county. In many areas of the state where taxable values are static or even falling, officials continue to be faced with either increasing taxes or cutting back on public services and facilities.
Property tax rates for 2020 will be calculated in the next few months. Those proposed rates will be published for each unit of government: City, school, township, library and county.