Taxes
Indiana has a favorable business climate when it comes to income and property taxes. In addition, Kosciusko County has been conservative in its operations and thereby able to maintain low tax rates compared to that of similar and larger communities.Property Taxes:
Property taxes provide the most support for local government units. Property tax money is divided among all units of government, including schools, which have jurisdiction for a given district. Property tax rates for individual communities are noted in the Economic Development Data section.
Property taxes are levied on one-third of the assessed value of buildings and equipment. The True Tax Value is calculated using a depreciated schedule, rather than market value, further reducing the property tax paid. The True Tax Value is arrived at by the use of figures obtained from the Indiana Property Tax Assessment Manual.
Income Taxes:
A. Indiana Corporate Adjusted Gross Income Tax: 8.5%
B. Personal Income Tax: 3.4% of adjusted gross income.
C. Local Option Income Tax and Economic Development Income Tax are assessed at the discretion of each county. In Kosciusko County the rate for COIT is .7% and EDIT is .3% of personal income.
Total State Business Taxes
Here's how Indiana stacks up against other U.S. states. (Based on Net Taxable Income of $1,000,000 And 100 Employees. Includes Corporate Income Tax, Worker's Compensation and Unemployment Insurance.)
Michigan $249,644 Pennsylvania $261,037 Illinois $228,117 Ohio $219,344 Kentucky $192,011 Wisconsin $190,222 Iowa $222,560 Tennessee $203,578 North Carolina $168,855 Indiana $157,335
Source: Indiana Department of Commerce, 2004