FOR IMMEDIATE RELEASE
Lubbers Proposes Relief For Those
Hardest Hit by 2007 Property Taxes
STATEHOUSE – State Sen. Teresa Lubbers (R-Indianapolis) today introduced an amendment to target Marion County’s portion of already-approved state relief to those homeowners hardest hit this year by skyrocketing property taxes.
Speaking before the Senate Committee on Tax and Fiscal Policy, Lubbers said her plan would not cost the state additional monies, but would give the county flexibility to direct property tax relief to homeowners facing increases from ten to 100 percent or more and “faced with making life-changing decisions.”
Earlier this year, the Indiana General Assembly approved $300 million in additional property tax relief to offset increases. Those monies were in addition to $2.1 billion provided local governments for property tax replacement. Marion County’s portion of the $300 million in additional relief was $57.1 million.
Lubbers amendment would use $46 million to immediately “buy down” huge tax increases to no more than 35 percent countywide. In all, state figures show this part of Lubbers’ plan would help about 108,500 local homeowners – a little more than half of homeowners in Marion County. Remaining funds would be used to provide 20 percent discounts to those taxpayers facing increases between 10 and 35 percent.
“I propose we distribute the bulk of the money based on the amount of increase,” Lubbers said. “Certainly it is right and fair that the money be used to relieve those most egregiously injured.”
Lubbers offered her amendment to Senate Bill 21, a bipartisan bill that would change the distribution of Marion County’s portion of property tax relief from a rebate check to a direct tax credit applied at the time taxes become due. In addition to eliminating the delay of waiting for a rebate and reducing the sticker shock of tax bills, applying immediate tax credits would save taxpayers an estimated $200,000 in printing, processing and postmarking the rebate checks.
The committee is expected to consider the bill and Lubbers’ amendment when the legislature officially reconvenes in January.
-30-
Read Senator Lubbers' Testimony: 12/18/3007
|
