Mayor Joe Hogsett's administration is targeting the former General Motors stamping plant site on the west side, where development plans have stalled, and the upstart Market East District on the opposite end of downtown.
Senate Bill 308, which is now headed to the House for consideration, would reduce the total assessed value on agricultural land by an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.
Farmers across Indiana would get a big property tax cut under legislation moving through the General Assembly that would reduce their assessed land values an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.
The audit of Terre Haute's finances raise doubts about its ability to continue to operate as a municipality. It notes that the city is one of those hardest hit by reductions in property values and property tax caps.