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Fair Market Value System Shows Higher Tax Rates

Last updated on Tuesday, July 3, 2007

(BEDFORD) - Now that tax bills have been sent out to Lawrence County property owners and the receipts have been received, people question how much of a tax difference there is between this year and last.

According to a list of tax rates for 2006 and 2007 there is very little difference. In fact, tax rates went down across the board for all townships in Lawrence County.

Records provided by Lawrence County Treasurer Billy Tumey show that taxes were reduced about $110 for an average home in Lawrence County worth $100,000.

Yet using the assessed valuation, or the Fair Market Value Tax system, it shows that taxes increased. It shows that homes within Indiana were determined to be worth more using the new tax system.

Another look at the total tax rate shows that state rates remained the same while library taxes rose about one-tenth of a percent.

The second installment of property taxes for Lawrence County will be due by November 13th.

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