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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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