Governor to sign property tax bill Wednesday

March 19, 2008 7:27:37 AM PDT
Gov. Mitch Daniels is scheduled to sign property tax relief legislation Wednesday afternoon. The Governor will be joined by legislative leaders from both parties in the 1 p.m. signing ceremony.

The plan includes raising the sales tax from 6 percent to 7 percent beginning April 1 to help pay for part of the property tax relief.

Homeowners' tax bills will be capped at 1 percent of their homes' values in 2010, with 2 percent limits for rental property and 3 percent caps on business property. The caps could be exceeded if voters approve major bonding projects through referendums.