Indy Standard

State Representatives Jim Pressel and Jake Teshka have expressed their support for the newly signed Senate Enrolled Act 1 in Indiana, offering a comprehensive package aimed at delivering significant property tax relief and reform for homeowners.

According to the provisions under SEA 1, there is an anticipated saving of $1.3 billion in property taxes over the next three years for Hoosier homeowners. This legislative measure is expected to result in reduced bills for two-thirds of these homeowners by 2026 compared to the amounts paid in 2025.

"Our goal is to unburden Hoosiers from the weight of increasing property taxes," Pressel stated. "With this new law, I believe we are taking the right steps to protect property owners and still provide the resources and services needed to maintain our growing communities."

SEA 1 outlines several components for property tax relief including a 10% property tax credit up to $300 which will be applied to all homestead property tax bills starting in 2026. The law also introduces additional relief options for fixed-income seniors and disabled veterans and proposes phased deductions for homesteads and other residential properties.

In addition to these measures, SEA 1 seeks to exempt more small businesses from the business personal property tax and aims to reduce assessed farmland value, projecting a savings of approximately $125 million for farmers over three years.

The act also proposes long-term reforms such as reducing local income tax collections by $1.9 billion and implementing stronger controls on local government debt. Additionally, the requirement for referenda during general elections is incorporated to align with higher voter turnout and transparency initiatives.

"This law provides targeted aid to Hoosier families, offering financial relief while establishing a framework for long-term fiscal stability for communities across Indiana," Teshka commented. "This is a practical and impactful victory for homeowners that will save them on property taxes long-term."

Hoosiers are encouraged to visit iga.in.gov to follow the ongoing legislative session, scheduled to conclude by April 29.