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Last time I checked the State of Indiana was owned by the citizens of Indiana. The massive surpluses maintained by the State are a good indicator that the state is collecting too much tax revenue from its citizens, most of this income comes from property taxes, I believe. These excess funds should be returned to the citizens it was taken from.
Ever since the State started collecting taxes based on Market Value, Property Taxes have risen steadily and in some cases exponentially. We are basically getting taxed on an “unrealized gain”-you don’t get that money until you sell your property, meantime you are paying taxes on that gain whether you sell your property or not. Elderly people are being forced out of homes they have owned for decades. People who invest in crumbling neighborhoods are forced to sell when the neighborhood improves. The system is broken here far beyond referendums, and needs a major overhaul. Good luck getting real tax reform in this State, the Legislature has become too used to raising taxes by simply raising property assessments.
I’d argue we have a massive surplus because we are too cowardly to properly invest in education or infrastructure or healthcare, which would be better uses for the money.
Apparently the Parable of the Talents doesn’t apply to tax dollars. But I digress.
And the current legislative leadership seems ill-equipped to untangle the mess they’ve created. But they’ve made it quite clear that they will find a way to cut taxes, come hell or high water.
The state doesn’t collect property taxes, local governments do. State receives income, sales tax, and gas taxes. I’d argue 95% of local units are very underfunded, and instead of reducing revenues that go to local units, the state should use the $2 Billion to provide relief to seniors who are having trouble paying property taxes through either direct assistance or some type of property tax credit. Ever since the recession and property tax caps went into effect, local governments have struggled to provide a basic level of quality services.
While local governments may collect local taxes, it’s otherwise controlled by the state.
We have numerous potential revenue streams to reduce the reliance on property taxes. My fear is that we don’t have legislators with the wisdom or courage to … potentially reduce property taxes and make up the difference elsewhere. They will just cut property taxes and claim the credit, leaving the blame for terrible schools or crumbling roads for the locals to take.
The State should focus on their own tax rates rather than further undercutting localities. The only meaningful taxes localities can collect are property, income, and hotel/rental cars. That’s pretty much it. Denver, Detroit, Milwaukee, Pittsburgh, and Cincinnati are eating our lunch because they have stronger local tax bases and can collect local option sales tax.
The State DOES choose/and increase the Cost tables for the entire state for property taxes (I just spoke to my local Assessor’s office this week who unbeknownst to me told me this). This increase for 2023 Property Taxes, I was told was 8-10%. Add to that in my county, since Market Value of homes was crazy high, they ‘reassessed’ my home 3 times in 2022. My property taxes doubled last year. This year, my property taxes went up 136%! All because they decided last year to ‘upgrade’ my home status after my 1995 home was remodeled in 2020. Absolute bs. This is my forever home and it’s ridiculous to me that the replacement cost of my home is listed as 75% of the new assessed value I am taxed on. Oh and I live in Jeff Thompson’s district, so there’s that.