Indiana is trying to find a solution to the state’s budget problems, but lawmakers and the governor have different ideas.
In their latest budget proposal, the legislature approved a package of tax breaks for companies and businesses.
They also voted to reduce the property tax burden and give Indiana an estimated $300 million in tax revenue from an energy tax cut.
The money would come from an $800 million cut to the income tax.
That will likely make the state the first state in the country to cut income taxes by 5 percent.
The state has said it can borrow the money.
The proposal also included $1.4 billion in new funding for roads, bridges, parks and other infrastructure projects.
It would be used to reduce property taxes in the state, but not in Indiana.
The Indiana Economic Development Corp. estimates that a 10 percent property tax cut would add $3.7 billion to the local economy, according to its 2017 analysis.
The proposed budget also proposes a property tax levy increase for properties in Marion County, a large urban area that encompasses parts of Indianapolis, the cities of Indianapolis and Cincinnati.
It also would increase the property-tax levy by 10 percent in Marion, 10 percent for Indianapolis and 10 percent statewide.
It is unclear how much revenue from the proposed tax increase will be earmarked for the Indiana economy.
The bill includes no specific spending recommendations, but it calls for a $1,000 annual increase in the property taxes, including the 10 percent increase for Marion County.
“We need to have the state budget and tax revenues in order to invest in Indiana, and it has to come from somewhere,” said Marion County Executive Joe Deters.
“The tax increase doesn’t just increase property taxes.
It increases income taxes.
That’s why this tax increase has to be made.”
Indiana already has one of the highest property taxes on the state.
The county average is $8,735 per home.
It’s about the highest in the nation, but that’s still a lot less than many of the other states.
The biggest tax increase proposed in the 2017 budget proposal was in Indiana’s highest-earning counties.
Indianapolis and its surrounding areas, including parts of the suburbs, had the second-highest average property tax increase in 2017.
Property taxes are currently set to rise 1.3 percent this year and 1.6 percent next year.
The 2017 tax increase is the largest increase since the state enacted the Personal Property Tax Ordinance in 2014.
The ordinance allows homeowners to pay the property owner’s share of property taxes and imposes a $25 surcharge on certain purchases.
Deters, who is running for re-election, said the current tax system is broken.
“This tax system doesn’t work for Indianapolis,” he said.
“You’re not getting the same bang for your buck.
Deters also wants to cut the state income tax, which currently stands at 10 percent. “
It is an unfair system.”
Deters also wants to cut the state income tax, which currently stands at 10 percent.
That would save the state $1 billion over the next decade.
The governor said he wants to keep that rate, but the tax is not on the table as a possible solution.
Indiana’s current income tax is 9.2 percent, which is the second highest in North America.
Detrs said he does not want to raise income taxes because that would make Indiana more reliant on federal aid and that could lead to lower tax revenue.
Indiana has already reduced income taxes to the federal level, which he says has been beneficial for the state and the country.
But it has not made significant strides to increase the state tax rate, and Deters said Indiana should not be seen as a state with a low tax rate.
“If you look at the way we tax, we tax on everything,” Deters told reporters earlier this month.
“For example, the state has not reduced the property income tax since 2009.
If we can’t lower property taxes by 15 percent, how are we going to lower property tax rates?”
Indiana is one of a handful of states that has a property-value tax.
The property tax on homes, businesses and other buildings is used to pay for other services like public safety and schools.
It was raised in 2013 by voters in the Democratic-leaning county of Clay County.
The tax, however, is not paid on homes.
It instead is paid in property taxes collected from businesses and homeowners.
The increase in property-property taxes comes as Indiana is grappling with a severe financial crisis.
It has the highest unemployment rate in the U.S. and the fifth-highest rate of poverty.
The Great Recession was a massive blow to the economy, and the state is now grappling with another recession.
Property-value taxes are one of several tools used to boost property values.
Indiana lawmakers have used the property rate to help fund education, to pay down debt, and to pay off pensions