INDIANA – Indiana lawmakers have passed a bill that may reduce your upcoming increase in property taxes.
House Bill 1499 was approved by the Indiana General Assembly with almost unanimous support in the final hours of the legislative session. It now moves to Governor Eric Holcomb’s desk to become law.
“Well over $100 million in tax savings, property tax savings to Hoosiers, and that was an extraordinarily important bill for us,” House Speaker Todd Huston (R-Fishers) told reporters shortly after the vote.
The bill includes a temporary increase to the supplemental homestead tax deduction: For properties worth $600,000 or less, that rises from 35% to 40% for taxes payable next year. It’s 37.5% in 2025. The deductions are lower for homes of higher value.
The bill also expands eligibility for Hoosiers age 65 and older to qualify for additional deductions. Those would be adjusted based on the cost of living increases applied for Social Security benefits.
The savings for each homeowner would vary since property tax rates are different for each community.
Democrats supported the measure but argued more should have been done to help both homeowners and renters.
