Indiana taxes farmland mainly on the value of crops the soil can produce. But that calculation has lagged behind the current crop market.
Counties across Indiana are losing money as property tax assessments shrink for big box stores.
Millions of tax dollars for communities around the state hang in the balance.
"I don’t want us to be regarded as 'the branch plant state,'" says the Henry County Council president – who also works for the county's largest manufacturer.
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.
If homeowners did not send in pink Homestead Verification Forms by last Jan. 1, they might not remain eligible for the deduction.
The city council Thursday tabled a proposal that would have padded the general fund with $2 million of Economic Development Income Tax cash.
County auditors are conducting a one-time state-ordered cleanup of the tax rolls.
Hicks says the drop means less money for local government in places that are primarily financed by property taxes.
The budget hearings are scheduled to begin September 13th.