INDIANAPOLIS – Property owners are expected to get some relief after a long night of discussion led to the passage of Senate Bill 1 by the Indiana Senate. Lawmakers in the Senate passed the measure 27 to 22 in a vote around 12:20 a.m. Tuesday. All yes votes came from Republicans, although a fe w Republicans joined Democrats in voting no. The most updated version of the bill allows homeowners to claim a tax credit worth 10% of their property tax bill up to $300. Hundreds of teachers protest SB 1 at the Statehouse during ‘Day of Action’ rally If a homeowner's property tax bill is $3,000 or more, they would receive the full amount under this bill. If a tax bill is less than that, they'll receive a 10% tax credit. Republicans said it would provide more than $1 billion in property tax relief for homeowners. SB 1 allows municipalities that meet a certain threshold to impose a “local income tax” of up to 1.2%. If you make $100,000 a year, that could result in as much as $1,200 in tax increases. Some who voted against the measure were concerned the local income tax could lead to tax increases for everyone, including people who aren’t property owners. In a statement, Indiana Gov. Mike Braun hailed the passage of the bill. He plans to sign it as soon as it hits his desk. “This is historic property tax relief. Senate Bill 1 cuts property taxes for most Hoosier homeowners, farmers, and businesses, limits future tax hikes, and makes the tax system fairer, more transparent, and easier to understand. “Real property tax relief was a core promise of my Freedom and Opportunity Agenda and with the collaborative leadership of our legislators, we are delivering real savings and protections for taxpayers. I look forward to signing the bill as soon as I receive it.” Gov. Mike Braun Indiana State Sen. Travis Holdman, who authored the bill, also released a statement: “I cannot thank our partners in the House of Representatives and the governor enough for their collaboration and determination as we worked toward a policy that provides a fair balance between the needs of local governments and Hoosier homeowners. I believe we have landed on a policy that provides immediate relief and long-term reforms that will promote more transparency for our taxpayers.” Indiana State Sen. Travis Holdman And Indiana Senate President Pro Tem Rodric Bray had this to say: “Senate Republicans made SB 1 our top priority because we know how important property tax relief is to homeowners. How many things can we say we are paying less for this year compared to last year? This bill is absolutely a win for homeowners, who are a key demographic in any healthy community.” Senate President Pro Tem Rodric Bray The bill’s passage didn’t come without controversy. Hundreds of teachers protested at the Statehouse on Monday, expressing concern that the bill would cut hundreds of millions of dollars from public schools over the next three years. ...read more read less