LISTEN: New Property Tax Law Is An Absolute Mess
The new property tax law is an absolute mess, and political boondoggle. Governor Mike Braun signed the legislation into law earlier this week. What was promised as property tax “relief” may actually cost more for homeowners. It’s going to add tons of money still to the coffers of the state and taxpayers will suffer. Economist Dr Matt Will joined Tony Katz to shine a light on the details of this hard-to-understand bill.
Tony Katz:
Now, this is a very long conversation I had with Doctor Matt Will Economist of The University of Indianapolis. Last night, because I reached out to him and said, hey, what, what are your, what are your thoughts on? The uh. The, the property taxes and he said, oh, I have thoughts. I’m like, I want to hear the thoughts. The problem is I’m trying to play the thoughts right here and it’s just coming out ridiculous. This new tax. Oh, oh, now it works. That was so weird. Listen, Doctor Matt Will is an economist at the University of Indianapolis. I’m very excited. And I discussed the taxes with him. If you didn’t understand what was happening with property taxes, he breaks it down and discusses the fact that people who think that this is going to create value for Hoosiers are either kidding themselves or not being honest talking about this new tax legislation. The property tax argument continues, but it’s over. It’s been signed into law. It’s SB1, Senate Bill One. It’ll cap annual increases in property taxes for all property types, including homesteads, to 3%. Well, that was the plan, right? Or is that the plan now? But now you’ve got municipalities and cities that can raise taxes. Or can they only raise taxes if they pass a vote of the people in that city or municipality? Or is there something else? Everything is indeed confusing, and the idea that this is somehow a panacea is as weird as the idea that bronze. First piece of legislation, the basic idea, the original concept that he said he would fight for was a panacea. Let us stop being people talking about things we don’t know about and let’s be people who talk about things that we do know about. Dr Matt Will joins us, economist. At the University of Indianapolis, this started with a simple text. Hey, what do you think of this new property tax plan? Dr Will, University of Indianapolis, what do you think of this new property tax plan for Indiana?
Dr Matt Will:
I think it’s an absolute mess. It’s a political boondoggle. It’s going to add tons of money still to the coffers of the state and taxpayers will suffer. Taxpayers who are homeowners, who have they’ve worked their whole life and most of their wealth is in their home. This is not good for them. They can still suffer because the taxes. They’re not going to be capped. This is not a cap, Tony, and I’ll explain.
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