The Department of Local Government Finance (DLGF) certified Putnam County's 2010 budget order and tax rates Monday.
"This paves the way for on-time property tax bills for the first time in at least three years," said Putnam County Treasurer Sharon Owen. "The budget certification came 101 days sooner than last year, putting the county in a position to have taxes due on May 10, 2010."
The first step in the assessment to tax billing process is the completion of the property assessments, which culminates with the submission of a ratio study. A ratio study is a comparison between property sales prices and assessed values in the county to ensure that market values are being used to determine assessed values. Putnam County Assessor Wanda O'Neal submitted the 2010 ratio study Oct. 28, 2009--43 days sooner than last year.
Once the DLGF approves the ratio study, the assessor sends the gross assessed values to the county auditor, who applies exemptions, deductions or abatements to determine the net assessed values -- the figures upon which tax rates are based.
Putnam County Auditor Stephanie Campbell submitted certified net assessed values in December 2009, 121 days sooner than the prior year.
Now that the 2010 budget has been certified by the DLGF, the next steps will be handled at the county level. Campbell will calculate tax bills, which will then be mailed by Owens no later than April 23.
"As soon as calculations are completed, tax statements will be processed," said Owens.
A copy of the Putnam County budget is available at www.in.gov/dlgf/2556.htm.