03-01-2008, 02:30 PM
I just got my new assessment and figured my tax using the 1% cap and maximum deductions from State Form 51781, mortgage and homestead deductions. My tax will be about $200.00 lower using these figures. Not bad considering I put up a $100,000 building last year. The form was found on www.in.gov. Just wondering if anyone who didn't make improvements will see a significant savings under this scenario. I think the 1% cap is pretty much meaningless. All they have to do is double your assessment and your taxes double.