To: [email protected]
From: Mike Braun
Sent: 8/5/24
Subject: ** My Plan for Historic Property Tax Relief **
John,
My team wrote you recently regarding my commitment to tackling the home affordability crisis head on. Families in every part of our state are feeling the impact, and as your next governor I’m going to work closely with entrepreneurial builders to find solutions.
I’ve also just released my Freedom and Opportunity Agenda Property Tax Relief Plan.
Nothing is more important than ensuring Hoosiers can afford to live in their homes without being overburdened by rising property taxes. With values hitting all-time highs this has become a major issue for folks from all walks and stages of life.
I’m ready to get to work to deliver historic relief for ALL Hoosier residents.
Here’s what I’m proposing:
Cutting Homeowner Property Taxes – I want to overhaul the homestead deduction to allow every homeowner with an assessed value over $125,000 to deduct 60% of their home’s assessed value from their tax bill. Homeowners with assessed values below $125,000 would be allowed to take the standard deduction of $48,000, in addition to a 60% supplemental deduction. This would result in an immediate 21% reduction in the average homeowner.
Capping Property Tax Bills – Drastically rising property tax bills have put Hoosier homeowners at risk of losing their homes. I want to freeze future property tax increases by capping the increase in tax bills at 2% for seniors, low-income Hoosiers, and families with children under the age of 18, and 3% for all other taxpayers. I also want to require any proposed property tax increase exceeding the cap to be approved through a referendum.
Increasing Local Government Transparency – I want to make it easier for Hoosiers to understand how their property taxes are calculated and how potential changes might affect them, by establishing a Property Tax Transparency Portal where taxpayers would be able to compare their current tax bill with potential changes.
Reforming the Referendum Process – Referendums that increase property taxes are far too often passed in off-year elections with low voter turnout. Another major issue has been misleading ballot language. I want to pass a law to mandate that any referendum that increases property taxes occurs in a high turnout general election. I also want to require referendums to propose a total levy and include data regarding the impact on the median home’s property tax bill.
This bold plan for historic relief will be among my top priorities as governor. It’s vital that we get this agenda passed and signed into law in the next legislative session.
Thank you, as always, for being part of our fight-to-win team.
Mike Braun
Republican Candidate for Governor