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Indiana property taxes are a two-fold issue

An Indiana State Senator says the current property tax relief bill could provide much-needed assistance to the state’s farmers.

Southern Indiana farmer Daryl Schmitt says rising tax rates have put financial strain on landowners. 

“The Tax Foundation ranks Indiana 5th in the nation and best in the Midwest for the most competitive property tax system,” he says. “But, with the increase of assessed evaluation, we had a high year-over-year increase in property taxes that has really affected everyone.”

He tells Brownfield the current legislation is projected to reduce property taxes by $164 million in the first three years.

“It’s not as drastic as the original version of SB1 was,” he says. “It’s going to change the capitalization rate and the ag land assessment formula. The higher the capitalization rate, the lower the assessed value of the farmland.”

Schmitt says as Senate Bill 1 continues to evolve, he’s hopeful a long-term solution will be reached by the end of this year’s legislative session.

AUDIO: Daryl Schmitt