Local lawmakers talk property tax law; economist details impacts - Daily Journal

Indiana lawmakers’ recent changes to property and business taxes could have consequences beyond what was intended, an economist says.The changes have also received pushback from homeowners who feel there weren’t enough cuts, and local governments who feel there were too many.Senate Enrolled Act 1, authored by Sen. Travis Holdman, R-Markle, was signed into law by Gov. Mike Braun on April 15. Among the several items the law does, it phases out and replaces the homestead standard deduction and other property tax deductions with credits, caps the maximum levy growth quotient at 4% in 2026, and raises the threshold for business personal property tax exemption from $80,000 to $2 million in 2026.Homeowners would largely save on property taxes with a credit for 10% off every homestead’s bill up to $300 each, with state lawmakers saying about two-thirds of homeowners would see a reduction next year compared to what they would’ve paid without the changes. However, with local units of government...