Indiana voters OK property tax cap amendment

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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