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Indiana voters OK property tax cap amendment

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Indiana voters have approved a constitutional amendment that will make property tax limits more permanent.

The caps limit property tax bills to 1 percent of homes' assessed values, with 2-percent caps on farmland and rental property and 3-percent limits on business property.

With more than half of state's precincts reporting, more than 70 percent of voters had voted in favor of the caps.

The caps are already in state law and saved taxpayers $478 million this year, but that's meant less cash available for local governments and schools.

The caps could mean big changes for local governments. Supporters say constitutional caps will give taxpayers more protection and stability. Opponents warn that constitutional tax limits will be more difficult to amend should changes be desired in the future.

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  • Assessment Caps
    I totally agree, Z. I've noticed that while the 1% cap certainly helps, the value of my property seems to contiually rise, when every parcel for sale in my township is only getting about 75% of the asking price, if it sells, and most asking prices are at or below the assessment. I think market value is being ignored in favor of the 3% every year increase. And also..school levies. A 20% increase in one year alone? Ridiculous.
  • Indiana voters OK property tax cap
    Caps on assessments should be put in Indiana's constitution next.

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    1. Aaron is my fav!

    2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

    3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

    4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

    5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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