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Property Tax | Sales and Use Tax | Individual Income Tax The property tax is an ad valorum levy on all tangible property, land, buildings, machinery, equipment and inventory.
For Additional Information, please contact: Michigan Township Assessor Coolspring Township Assessor State Board of Tax Commissioners The Indiana sales and use tax is imposed at a rate of five percent and is basically a tax on retail sales. The tax applies, however, to five major categories of consumer transactions:
Exemptions from the Indiana sales tax include: sales for resale; value of trade-ins; and sales of food, prescription drugs, orthopedic devices and newspapers. The exemption of food is essentially limited to groceries and does not extend to restaurant meals, to prepared meals to be consumed either on or off the premises of the merchant, or to food sold through vending machines or by street vendors. Property constituting or consumed in the operation of pollution abatement equipment is exempt. The Indiana sales tax law also provides a "direct use" exemption for manufacturers, utilities, farmers and businesses engaged in providing public transportation. To be directly used, an item must either be actually incorporated in the product or have a direct part in production by either being consumed or directly acting on the article being manufactured during the manufacturing process. For Additional Information, please contact: The Indiana individual adjusted gross income tax is a flat rate net income tax levied at a rate of 3.4 percent after exemptions. The adjusted gross income of individuals and unincorporated businesses subject to this tax is the same as "adjusted gross income" as defined in the Federal Internal Revenue Code. For the individual taxpayer, federal itemized deductions are not allowed. Unincorporated businesses can deduct certain expenses resulting from the cost of doing business. Exemptions allowed the individual taxpayer are $1000 for the taxpayer and for each dependent. Additional $1000 exemptions are allowed for the blind and for those over 65. Other credits and exemptions are available to the elderly, but with different income tests at varying levels. For Additional Information, please contact: Indiana manufacturers calculate three income taxes.
A corporation doing business in Indiana computes both the corporate adjusted gross income tax and the corporate gross income tax, but pays only the higher of the two in addition to the corporate supplemental net income tax. There is no corporate Franchise Tax in Indiana. For Additional Information, please contact: 5. Unemployment Compensation Tax Employer Contribution For more information, contact: Workers Compensation based on job classification. For more information, contact: Corporate Gross Income For more information, contact: Indiana Department of Commerce
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