Indy Standard

State Representative Bruce Borders supported a significant legislative package to provide property tax relief to Indiana residents, including homeowners. The bill, known as Senate Enrolled Act 1 (SEA 1), was signed into law, promising substantial savings and reforms.

SEA 1 is structured to deliver $1.3 billion in property tax savings to Hoosier homeowners over three years through a combination of credits and reforms. "Hoosiers are tired of watching their property tax bills climb every year," said Borders. "This new law provides relief now and restores fairness and transparency to our system."

Key measures of the act include a 10% property tax credit starting in 2026 for homestead property tax bills, with additional stackable credits for fixed-income seniors and disabled veterans. The legislation also exempts more small businesses from the business personal property tax and is projected to save farmers around $125 million over three years.

In terms of reforms, SEA 1 decreases the cap on local income taxes from 3.75% to 2.9%, reducing local government revenue by $1.9 billion. The act also aims to control local government debt and requires that referenda align with general elections to improve transparency. A Property Tax Transparency Portal will be established to help taxpayers understand tax bill changes.

Interested individuals can track the legislative session through the Indiana General Assembly's website, with the session concluding by April 29.