About the Spencer, Indiana Area 
No matter what age you are, or what time of life you're in, if you're looking for a great community, try Spencer. Spencer is about 40 minutes northwest of Bloomington along Hwy 46, and considered part of Bloomington's metropolitan area. Peaceful farmland, affordable housing, and safe, quiet living mark it as a great place to live your entire life – from raising a family through retirement. In fact, the residents are split pretty evenly between the generations:
- About 23% are minors under 18
- 36% are between 18 and 44
- 20% between 45 and 64
- And 20% are over 65
Whole generations of families have grown up together in Spencer. This is a close knit community where people help each other and participate in local happenings. Families do things together, like take part in annual festivals and enter 4-H competitions.
Agriculture is the economic base. Yet as rural as Spencer is, there is still easy access to great cultural centers like Indiana University just 40 minutes away or Chicago at 4 hours away. That makes our quiet daily life all the more enjoyable.
There are actually four towns in Indiana called Spencer. Our Spencer was named after a fallen Army captain at the Battle of Tippecanoe, and is the seat of Owen County. Population is 2,500. Homes can be had for as little as $48,000.  Request our Free Bloomington, Indiana University and Spencer Relocation Package. It's packed full of useful and important information about the Bloomington, Indiana University and Spencer, Indiana area. Don't move here without it! Remember: we'll send it to you for free and without obligation. Just fill out the form and we will send it right out... It's our job to know EVERYTHING about Bloomington, Indiana Universtity and Spencer! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly...
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
What was the longest distance a building has ever been moved?
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| A |
Detroit's five-story Gem Theater, built in 1927, was moved 1,850 feet (5 blocks) to make way for two new sports stadiums. |
 See More Real Estate Trivia > |
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