General Assembly passes property tax plan

March 14, 2008 3:15:20 PM PDT
The Indiana General Assembly has passed a property tax relief and restructuring plan that would provide additional tax cuts for homeowners this year and cap future bills for most property owners.

The bill passed on a 41-6 vote in the GOP-controlled Senate and an 82-17 vote in the Democrat-led House.

For the vast majority of the state, homeowners' bills would be capped at 1 percent of a home's assessed value, with 2 percent limits for rental property and 3 percent for businesses. The caps would be phased in and be fully implemented in 2010.

The General Assembly has also passed separate legislation that would begin the process of amending the caps into the state constitution.