Welcome to Falling Waters! This community offers rolling hills, wooded lots, walk-out lots, and ponds that can be used to fish. Falling Waters is located just 8 minutes to I-65 and centrally located between entertainment, dining, and shopping. This gated community is located in Porter County, right outside of Lake County. Porter County taxes. Stop and visit Falling Waters to view your next community to call home! Lake Michigan Water, NIPSCO Gas and REMC Electric. Both front and back entrance and exit is operational.