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$200.00 credit compared to original proposed 21% + reduction in the original bill is a huge disappointment. This watered down version is not real property tax relief for homeowners especially seniors. Lobbyist always win over the hard working homeowners.
Thanks for nothing!
Many business property owners are paying three times the amount of homeowners, as their cap is 3%, where homeowners’ cap is 1%. Business owners do not have the ability to vote on proposed referendums unless they live in the same area as their business location. With this proposes legislation, it will force more referendum votes for the finding lost by the reduced homeowners’ taxes. There should be an amendment stating that businesses do not pay referendums approved by the voters. Or, at least, cap all taxes including referendums at 3%. Otherwise, we are going to tax our businesses out of business.
Recent studies how that commercial property assessments have not increased at anywhere near the same rate as residential properties. Business owner are getting a gift right now as tax burdens shifte to homeowners.
This seems pretty regressive. Up until the invention of the debunked “trickle down economics” theory that Republicans have embraced since Regan, the American tax system was geared toward taxing the people with the most ability to pay, the highest taxes.
This is the exact same thinking that got us into this situation where the tax burden shifted from Commercial properties to average homeowners. Several recent studies have shown that assessment increases hit lower priced properties way out of proportion to high value properties.
Another outsized tax break for the rich guys!
I am also still amazed that Republicans CAN NOT see what is happening with the Trump Administration. They are taking huge chunks of Federal tax dollars from Hoosiers. These cuts are NOT insignificant. Loss of tax dollars is going to be felt at every level in the state, and yet here we are still cutting local taxes!
Welcome to Kansas 2.0 where services and infrastructure crumble as we watch.
I wonder how these wizards are going to replace the revenue the property tax reductions will cause.
They’re not, by design.
Property taxes don’t go to the State but to local government entities (cities, counties, townships, schools, libraries, etc.), which are things the super majority legislature doesn’t really care about. They’ll just paint with the same broad brush, repeat that government is bad, and tell the locals to do more with less, while trying to manage the same cost increases hitting all facets of the economy – health care, raw materials, inflation, etc.
The article does not reveal how much this will cost the state and local governments in revenue, but we can assume the $1.1 billion in tax savings to homeowners would probably be the amount. Factor in the cancellation of federal dollars to state and local governments, and you are staring down meager times ahead for Indiana. Thanks to the Republican super-majority in the state legislature and a Trump-wannabe as governor, we will be known as “A State That Formerly Worked.”