House budget writers in Indiana are considering a property tax relief plan that could potentially lead to cuts in public school funding and local government revenue. The bill, a top issue for Governor Mike Braun and the General Assembly, has undergone significant revisions and currently does not allow all homeowners to reset their property tax rates to 2021 levels as originally proposed.
State budget analysts estimate the bill would cost $238 million next year, rising to $687 million by 2028. Indianapolis Public Schools, the Indianapolis Metropolitan Police Department, and the Indianapolis Fire Department are among those expected to lose property tax revenue under the current version of the bill.
Governor Braun has threatened to veto the bill if it retains its current form, leading to discussions of a possible special session by the General Assembly. An amendment package for the bill has been crafted by Braun and House Speaker Todd Huston, though details have not been disclosed.
Various stakeholders, including mayors, teachers, and county officials, voiced their concerns during a hearing on the bill. Suggestions were made for alternative relief measures, such as a low-income homeowner circuit breaker similar to one used in Michigan. The committee did not vote on the bill and further discussions are expected in the coming weeks.
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