Carmel Clay Schools is expected to lose out on $94 million in referendum funding over the next eight years.
That’s according to Superintendent Thomas Oestreich, who along with other school administrators and referendum and finance experts, gave a lengthy presentation March 30 to the Carmel Clay Schools Board of Trustees about the expected impacts of Senate Enrolled Act 1. The school district is weighing possible referendum options as the property tax legislation is expected to decrease how much revenue CCS can collect via its current referendums.
SEA1 is the new property tax law designed to reduce taxes for homeowners and businesses. The legislation gives homeowners a 10 percent credit, up to $300 per year. Businesses scored a win with the legislation as they are exempt from paying tax on personal property of up to $2 million in 2026…