The plan repeals the estate tax and alternative minimum tax, lowers the corporate tax rate, and reduces the number of tax brackets while lowering the highest tax rate. One of the largest boons for the middle class would be that it doubles the standard deduction.
It was a banner year for school referendums across Indiana, with all but three of the 20 ballot questions in this year’s primary and general elections turning out successfully for the districts.
If the school district’s ballot measures worth $230 million pass, the district says it will upgrade technology, renovate existing schools and build a new elementary school.
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.
New analysis from the Indiana Fiscal Policy Institute shows property tax caps, which were first applied in 2009, are having drastically different effects on Indiana cities.
Uncertainty still looms over how much retail assessment appeals could reduce revenue for local governments, libraries and schools or whether they’ll shift costs to other taxpayers, including businesses and homeowners.
The owners of rental homes and apartments are among the property owners that are helped most by a tax cap system the state fully implemented in 2010.
Property owners southeast of Geist Reservoir are vowing to fight involuntary annexation of a 9-square-mile area by the town of Fortville, which would add $53.5 million to its property tax base.
Brian Mahern, a Democrat on the City-County Council, plans to propose a study commission to examine the effectiveness of TIF districts, how property tax caps will affect them, and ways to increase transparency for the complicated financing vehicles.
Public school districts across Indiana could find themselves risking parental wrath by getting out of the transportation business as they struggle with shrinking revenues and property tax caps.
Indiana homeowners and businesses have seen their tax bills cut by more than $655 million since the General Assembly approved property tax caps in 2008. But the savings have been tough for some local governments.
Cuts in services, higher fees and consolidation of government units are possibilities, but advocates for the constitutional amendment say long-term certainty about property tax rates could benefit the economy.
Gov. Mitch Daniels joined others in promoting passage of a referendum that would make property tax caps in Indiana part of the state constitution.
The property tax caps that are all but sure to become part of the Indiana constitution after a voter referendum
are definitely good politics—and might prove to be good policy. We won’t know for sure until we see what becomes
of two property-tax funded entities that are starving as the caps fully phase in.