I had the opportunity to speak to a meeting of the International Association of Assessing Officers in Indianapolis last fall. That’s a group that does education and research about property tax assessment, and they’re a big help to assessing officials around the world. Mostly, I talked about farmland assessment in Indiana, but I mentioned some of our other property tax policies, too.
Two new reports have found property tax caps have kept more money in taxpayers’ pockets, but they’ve also forced local governments to generate revenue through new fees.
According to the Indiana Fiscal Policy Institute, property tax caps have cost local governments more than $760 million in potential revenue since they were implemented in 2009.
INDIANAPOLIS — Reports that say Indiana’s aging industrial cities are hit hard by a state-imposed limit on local property taxes don’t surprise Hammond Mayor Tom McDermott.
He sees the impact every time a snowstorm hits his city in the Chicago snow belt.
Indiana’s property tax caps continue to squeeze many counties and local governments, a burden some would like to ease by asking non-profit groups that own tax-exempt properties to make monetary contributions to local governments.
St. Joseph County officials will soon decide whether they think state-mandated caps on property tax growth over the past decade have gone too far. Read More…