INDIANAPOLIS — On Friday, Indiana House Republicans announced their amendment to SB 1: a bill that aims to provide widespread property tax relief to Hoosiers. House Speaker Todd Huston (R-Fishers) and House Ways and Means Chairman Jeff Thompson (R-Lizton) said Hoosier homeowners are expected to save $1.1 billion in property taxes over the next three years if this amendment passes. The amendment provides the following relief to Hoosier homeowners and farmers: Includes a 7.5 percent property tax credit (up to $200) on all homestead property tax bills beginning in 2026. Provides additional credits of $150 for fixed-income seniors and up to $250 for disabled veterans. Phases in increased property tax deduction for homeowners (2/3 deduction by 2031) and a new property tax deduction for non-homestead residential properties and farmers (1/3 deduction by 2031). Lowers farmland base assessed values by increasing the capitalization/interest rate to 9%, saving farmers more than $55 million in 2026 and more than $140 million over three years. The amendment also seeks to help counties reduce their reliance on property tax revenues and pump the brakes on annual local government debt increases: Puts stronger controls in place to rein in the $54.3 billion in local government debt. Reduces local government reliance on property taxes and restores accountability in local government spending. Requires referenda to be held during general elections to align with higher voter turnout and increase transparency of referenda questions to better note the tax impact. Creates a Property Tax Transparency Portal to allow taxpayers to compare their current tax bill with proposed tax rate changes. "Under this amendment, nearly all Hoosiers are going to see property tax relief," Thompson said. "We're able to do this while moving to a better system that enables communities to invest in their priorities in a much more transparent and fair way for taxpayers." In response to the proposal, State Rep. Gregory W. Porter (D-Indianapolis) released the following statement: “I appreciate the work the House majority has done on property taxes, but this plan is far from a solution. Big businesses are still the winners, not homeowners, since they’ll eventually get a cut of $1 billion. It fails to address that homestead assessments are increasing more than commercial assessments and that our homeowners are paying a bigger portion of property tax revenue each year.  “With roughly $1.1 billion saved over three years and about 1.9 million homesteads, each homeowner will save an average of close to $575 from 2026 to 2028. Our plan would save every homeowner $500 in just 2026. With an average property tax bill ranging from $1500 to $3000, a yearly credit of only $200 will fail to make a difference. The first-time homebuyer’s credit was eliminated, and there’s no significant relief for seniors, veterans or renters.  “Our schools will lose money, especially with Senate Bill 518 rolled into the plan diverting property tax dollars to charter schools so the state can pay even less. This plan encourages local governments to raise their local income tax rate, so you’ll get more money in your right pocket but have to pay more out of your left.  “Yesterday, the stock market lost close to $3.1 trillion– the steepest decline since COVID-19. We’re potentially headed into a recession, so every dollar in Hoosiers' pockets makes a difference.”  The full SB 1 amendment will be released next Monday. ...read more read less