September 18, 2022

Homeowners in Indianapolis will get a break on property taxes next year

Mayor Joe Hogsett signs property tax proposal. - Photo provided by City of Indianapolis

Mayor Joe Hogsett signs property tax proposal.

Photo provided by City of Indianapolis

Most Marion County property owners will receive a credit on their Spring 2023 property tax bill to help alleviate a rise in prices.

Property valued at $250,000 or less will receive a $150 credit. Property valued between $250,000 and $400,000 will receive $100 credit.

Tim Rice lives in Riverside, an area that has seen a leap in property taxes.

“Prices of living have gone up so much it’s difficult at times to be able to manage the way that we managed several years ago,” Rice said.

The relief program is funded with money from the federal American Rescue Plan. More than 190,000 households are expected to receive the credit.

Indianapolis Mayor Joe Hogsett said the relief package is one way the city can give some relief.

“We understand that these payments are not going to fix every budget on their own,” Hogsett said.

He said that property owners may also work with the city on deferral plans. The city also continues to fund a rent assistance program that has paid out more than $150 million.

The city said assessed values have increased more rapidly for lower assessed homes, with a nearly 34 percent increase for property below $50,000.

The proposal was approved unanimously by the full City-County Council last week.

Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org. Follow on Twitter: @JillASheridan.

Support independent journalism today. You rely on WFYI to stay informed, and we depend on you to make our work possible. Donate to power our nonprofit reporting today. Give now.

 

 

Related News

Second round of Elevation Grants reaches more
The community has ideas to redevelop the old Indiana Women’s Prison – if they can get the state to listen
2023 city budget nears passage with no public comment