Porter comments on House Republicans’ property tax plan

Today, April 4, Indiana House Republicans announced their property tax plan. 

State Rep. Gregory W. Porter (D-Indianapolis) released the following statement about the proposal: 

“I appreciate the work the House majority has done on property taxes, but this plan is far from a solution. Big businesses are still the winners, not homeowners, since they’ll eventually get a cut of $1 billion. It fails to address that homestead assessments are increasing more than commercial assessments and that our homeowners are paying a bigger portion of property tax revenue each year. 

“With roughly $1.1 billion saved over three years and about 1.9 million homesteads, each homeowner will save an average of close to $575 from 2026 to 2028. Our plan would save every homeowner $500 in just 2026. With an average property tax bill ranging from $1500 to $3000, a yearly credit of only $200 will fail to make a difference. The first-time homebuyer’s credit was eliminated, and there’s no significant relief for seniors, veterans or renters. 

“Our schools will lose money, especially with Senate Bill 518 rolled into the plan diverting property tax dollars to charter schools so the state can pay even less. This plan encourages local governments to raise their local income tax rate, so you’ll get more money in your right pocket but have to pay more out of your left. 

“Yesterday, the stock market lost close to $3.1 trillion– the steepest decline since Covid-19. We’re potentially headed into a recession, so every dollar in Hoosiers' pockets makes a difference.”