By State Sen. Daryl Schmitt (R-Jasper)
Earlier this week, I voted in favor of providing property tax relief for Hoosiers across the state.
Over the last two years, the General Assembly has been working on tax reform through the State and Local Tax Review Task Force.
While Indiana already has some of the lowest property taxes in the country, inflation during the Biden administration increased property values, driving up property taxes for Hoosiers.
Senate Bill 1 would provide relief to all property taxpayers and targeted tax cuts for senior citizens, disabled veterans, first-time homebuyers and farmers.
In its current form, SB 1 would provide $1.4 billion in savings for Hoosiers in the first three years.
The bill would also reform the agriculture land assessment formula to reduce the assessed value of farmland, which would help cut property taxes for Hoosier farmers.
This would happen by increasing the capitalization rate used in the agriculture land assessment formula from 8% to 9%. The higher the capitalization rate, the lower the assessed value of farmland, which would help reduce property taxes on farmland by $164 million in the first three years.
SB 1 passed the Senate with bipartisan support on Monday and now heads to the House of Representatives for further consideration.
I look forward to continued discussions on property taxes this session and working with my colleagues in the General Assembly to bring much-needed tax relief to all Hoosiers.
As always, constituents can reach out to me with any questions or concerns they may have by filling out a "Contact Me" form at IndianaSenateRepublicans.com/Schmitt or by phone at 1-800-382-9467.
-30-
State Sen. Daryl Schmitt (R-Jasper) represents Senate District 48,
which includes Crawford, Dubois, Gibson, Perry, Pike and Spencer counties.
Click here to download a high-resolution photo.
