The Indiana Fiscal Policy Institute says property tax caps have cost local governments more than $760 million in potential revenue since they were implemented.
Property owners kept a total of $245 million in tax dollars they would've otherwise paid to school districts if not for Indiana's property tax caps.
The caps saved Indiana property owners a total of $704 million on their tax bills last year. But some local governments really miss those revenues.
The school district, deeply in debt, asked the Indiana Department of Education to allow it to end bus service after a transportation referendum failed.
Merging Muncie's two high schools is expected to save the district $1.7 million annually — but it’s unlikely to solve the district’s transportation problems.
However, farmers say the smaller tax burden would encourage them to buy newer equipment.
With the state announcing a budget surplus of more than $2 billion, some have called for the state to return funds back to local governments.
The tax now charges homeowners three cents per $100 of assessed value. It could go up by 67 percent.
More property owners are paying their tax bills on time, after a four-year flood of properties being ordered into tax sales.
The circuit breaker has lowered bills on all properties statewide by nearly $500 million.