Landlords Need To Identify Rental Properties For Lower Tax Caps

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(BEDFORD) - Lawrence County rental property owners are being called on to identify rental properties for property tax purposes.

The Lawrence County Assessor's Office is getting information ready for the Circuit Breaker tax caps.

The cap for 2008 taxes billed this year is 2.5%, and taxes for 2009 billed next year are capped at 2%, but if you don't get in to the Assessor's office and provide the necessary information to show it's a rental property, those rates will both increase by 1%, as non-residential rates would be charged.

The Lawrence County Assessor's Office is open during the week from 8:30 until 4:30, and questions can be directed to them at (812) 277-2028.

Clarification:
Due to a number of confused calls to the Lawrence County Assessor's Office, it should be noted that rental property owners who do not get the needed info to the Assessor's Office, property taxes will cap at 3.5% for 2008 taxes billed in 2009, and 3.0% for 2009 taxes billed in 2010.

This is not a rate increase, rather a decrease.

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