How does the tax calculator determine my tax impact?
The impact of the referendum is determined by the following formula:
(Gross Assessed Value – Deductions) / 100 x Operating Referendum Rate = Impact
The Operating Referendum is straightforward: the maximum rate remains consistent over the eight-year lifespan of the tax impact. You can learn more about Operating referendums and
their eight year life on the FAQ page of our website.
The maximum rate for the proposed operating referendum is $0.1995 per $100 of Net Assessed Value. Net AV is the taxable assessed value after all the taxpayer-eligible deduction have been removed. In 2023, every owner’s residence received a $45,000 homestead deduction and a 35% supplemental deduction (25% if AV is $600,000 or above) Most homeowners received a $3,000 mortgage deduction. Beginning with taxes payable in 2024, everyone will receive the $3,000 deduction as the homestead deduction increases to $48,000. Tax relief legislation passed by the legislature will raise the supplemental deduction to 40% in 2024 and 37.5% in 2025, reverting to 35% in 2026. Several other deductions may be available to taxpayers.
The school board has indicated they will evaluate the referendum rate each year to supplement the funding reductions by the State. While the rate might decrease, it will never surpass the maximum rate of $0.1995 per $100 of Net Assessed Value. Unlike all other tax rates on your bill, the referendum rate is unaffected by an increase in district assessed valuation.
The impact calculator on this website uses data from your current tax bill to determine the impact of the referendum rate. The assessed value, net assessed value, and all deductions from the current tax bills help us offer the most accurate possible property tax estimate.
The only impact to your taxes that can accurately be measured is for next year. As assessed value goes up in the district the “levy” of the the other funds is shared by more, reducing the impact to everyone. The net assessed value in Hamilton Southeastern Schools’ district went up by just 6.3% this year as opposed to the double-digit increases of the last couple years.
The Indiana Department of Local Government Finance also has a referendum calculator which might create a different estimate. The impact calculator on this website and the data file on the referendum calculator provided by the DLGF both use the same 2022 pay 2023 assessed value. However, our calculator has ALL of the deductions preloaded correctly and will present a better estimate. To determine the tax impact for your property, fill out the owner address where the tax bill is mailed and select a parcel from the results.