Just two days after the Indiana House voted to approve an amended version of Senate Bill 1, which would provide a reduction in property taxes for Hoosier homeowners and farmland owners, Lt. Gov. Micah Beckwith posted on social media page that “we can’t let this become law” and is urging Governor Mike Braun to veto the bill.
Beckwith is also asking Braun to call for a special session and “demand the legislature pass something that the average Hoosier can understand without hiring army of lawyers and accountants.”
In the version of Senate Bill 1 which passed the Indiana House on Thursday, Indiana homeowners would get up to a 10-percent deduction or a $300 maximum cap taken off your property tax bill. The legislation also phases in a larger deduction, which would eliminate the Homestead Exemption, and homeowners would get two-thirds of the value of your home deducted off of their bill.
In addition, Senate Bill 1 also included property tax relief for Indiana’s farmland owners. In calculating the accessed value for farmland, the capitalization rate increases from 8 percent to 9 percent. The bill would also phase in a one-third deduction of the assessed value of farmland deducted off…