PROPERTY TAX CAPS
Earlier today, the Senate handed Hoosiers the right to vote on permanently capping property taxes. By a vote of 35 to 15, the full Senate gave final passage to a joint resolution that would constitutionally cap property tax rates at 1 percent for owner-occupied homes, 2 percent for other residential and agricultural properties and 3 percent for businesses. To change the Constitution, an amendment must be passed by two separately elected General Assemblies and then approved by voters statewide. In the immediate aftermath of the 2007 property tax crisis, both chambers passed the property tax caps in 2008. The Republican-led Senate kept the momentum for the caps and public referendum going by passing it again in 2009, but it failed to receive a vote in the Democrat-controlled House of Representatives. This election year, the measure was considered in the House where it passed by a vote of 75 to 23. Today’s historic Senate passage completed legislative involvement — other than advocacy among voters who will now have the final say.

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