Indiana Senate Working to Lower Property Taxes

There are multiple bills that would tackle the issue.

Shutterstock photo.

INDIANAPOLIS - The Indiana Senate is working on several bills that would lower Hoosiers' property taxes, said State Sen. Brian Buchanan (R-Lebanon).

In recent years, Buchanan has heard the concerns of residents across Senate District 7 about rising property taxes.

"Hoosiers I have talked to are understandably frustrated by the substantial increase in their annual property tax bills," Buchanan said. "That's why my colleagues and I have prioritized offering practical solutions to provide property tax relief for Hoosiers."

This year, Senate Republicans filed Gov. Mike Braun's property tax proposal as Senate Bill 1.

The bill will likely see changes throughout the legislative process, but the goal of providing property tax relief for Hoosiers will guide discussions.

"As a member of the Senate Committee on Tax and Fiscal Policy, I look forward to being part of many conversations with property owners, local leaders and legislators in our efforts to enact meaningful property tax reform," Buchanan said.

Buchanan has also authored two bills that would tackle property tax issues in Indiana.

Senate Bill 7 would change the property tax assessment formula for agricultural land — specifically the component known as the capitalization rate — to lower property taxes for farmers. In its current form, the bill would save Hoosier farmers an estimated $46 million in property taxes per year.

"We are looking at making a few small adjustments to the formula for agricultural land, which will help those involved in production agriculture," Buchanan said. "SB 7 is one part of the larger discussion about property taxes this session."

Senate Bill 8 would require a school referendum be placed on the ballot only during non-municipal election years, a one-year "cooling off" period after a referendum ends before another can be requested to be placed on the ballot and require districts to provide the total amount of property tax revenue expected to be collected each year.