Many Hoosiers have seen their home values increase by double digits in recent years — and have watched their property taxes climb as well.
Starting this year, a new law aimed at providing homeowners with financial relief will begin phasing in property tax changes through 2031.
One immediate change: homeowners can receive a tax credit of 10 percent off of every homestead’s bill, up to $300. There is an additional credit of $150 for those 65 and older. The way farmland is assessed will also be modified, helping reduce farmers’ tax bills. And the law increases the exemption on personal property for businesses from $80,000 to $2 million…