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Commissioners Approve Agreement with Umbaugh for Circuit Breaker Analysis

December 16, 2008

12/16/08 The Marshall County Commissioners decided Monday to hire H. J. Umbaugh and Associates to perform an analysis of the potential impact of the Circuit Break Legislation passed earlier this year.

Based upon an analysis of a parcel-by-parcel property tax data set obtained through the County and or Department of Local Government Finance (DLGF) and the effective total property tax rates within Marshall County for taxes payable in 2008, Umbaugh will provide an estimate of the reduction in property tax revenues by taxing unit and taxing district that could potentially occur as a result of the Circuit Breaker Tax Credit for property taxes payable in 2008, 2009 and 2010.  The analysis will also take into account other aspects of HEA 1001 such as the removal of local levies, expansion of the standard homestead deductions and more.    

Commissioner Kevin Overmyer said, “It’s imperative that the County and all taxing units in it have a clear understanding of the impact of 1001.” 

The analysis will provide the County Commissioners and Council with the necessary financial information needed to determine the possible implementation of a Local Option Income Tax (LOIT) for property tax relief, levy growth and public safety. 

The information provided by the analysis created by Umbaugh will be presented to County officials.  The benefits of the study will also of interest to all other taxing units in the County and will be shared with them, according to Overmyer. 

The cost for the services provided by Umbaugh is a total of $35,000.  The Commissioners and Council had anticipated sharing the cost of the project with other taxing units in the County, but since no action has been taken the Commissioners decided now was the time to move forward on the study.    

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