Tax money going out this week

2013-06-08T16:32:00Z 2013-06-09T00:11:04Z Tax money going out this weekBob Kasarda bob.kasarda@nwi.com, (219) 548-4345 nwitimes.com

VALPARAISO | Porter County Auditor Bob Wichlinski said tax money will be sent out early this week to the county's 28 taxing units.

The distribution, which was delayed a day or two with the office closed Thursday for the funeral of former County Auditor Jim Kopp, will go out nearly three weeks ahead of the June 30 deadline, he said.

The city of Portage traditionally has to borrow money to cover its bills until this first batch of tax revenue arrives because it does not have an adequate cushion of cash from which to draw, said Clerk-Treasurer Christopher Stidham.

The borrowed money also helps to make ends meet until the second and final round of revenue distribution arrives in December, he said.

The city borrows its funding from the Indiana Bond Bank, which provides low interest loans and bypasses the costly legal paperwork that would be required elsewhere, Stidham said. When the city borrowed $1.45 million from the county for equipment, the legal costs totaled $10,000, he said.

This year's loan of $3.8 million will cost the county $40,000 in interest, which is about half of what it would be in a better economy, Stidham said.

Wichlinski said his office began work on the distributions after the county treasurer passed along the amount May 31. Wichlinski is charged with figuring out how much each district is to receive and adjusting those figures to reflect the impact of tax increment finance districts, tax abatements and refunds resulting from property assessment appeals.

The money will be electronically transferred to the units, he said.

 

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