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Indiana property tax relief bill signed into law

Indiana Governor Mike Braun has signed a bill into law that will reduce property taxes on farmland over the next two years. 

State Senator Daryl Schmitt says Senate Bill 1 will reduce the capitalization rate for Indiana farmland.

“It will go to 9%, so what it will do is lowering the accessed value of farmland,” he says. “That will be for two years.”

He tells Brownfield the legislation is a win for farmers.

“It’s a welcomed relief for the ag community and I know it will be for homeowners,” he says. “Where we’ve landed, I think it’s pretty good ground because it’s a tax decrease instead of seeing multiple increases year over year. A lot of people will see an actual decrease in their 2026 taxes.”

Schmitt says property taxes will be assessed again during the 2027 budget cycle.

This is the second agriculture bill that Governor Braun has signed into law during this year’s legislative session.

AUDIO: Daryl Schmitt