Counties On Time for Taxes

For the first time since 2002, almost all of Indiana’s 92 counties will send out their property tax bills on time, the state’s Department of Local Government Finance said last week.

Only two counties filed bills on time last year, and none did in 2008. Timely bills mean fewer local government have to borrow for cash-flow purposes.

The Indiana Bond Bank said that local government borrowing had reached nearly $950 million in 2008, $518 million in 2009, and only $133,000 so far in 2010.

“With more local government units returning to normal billing and collection cycles, the need by these entities to borrow will more than likely continue to return to normal levels as we have witnessed over the past year and a half,” said state Treasurer Richard Mourdock, chairman of the Bond Bank.

Counties have had a difficult time sending out timely property tax bills for the last several years largely due to changes in the way the state figures its bills and due to a statewide review of assessments. Many counties also have upgraded their software, according to the state.

“Our cities, schools and libraries will get their funding in a timely manner and will no longer have to borrow while they wait on a check,” said Gov. Mitch ­Daniels.

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