I would like to comment on the proposed property tax proposals being proposed by our Indiana legislators and governor.
As someone who owns both commercial and rental property. in addition to my own home, I am very concerned about this proposal to cap rental properties at 2 percent and commercial property at 3 percent of assessed values.
This will eventually result in tax increases, as our elected officials will soon simply take the assessed value and multiply it by the percent to get the tax for any properties not currently at the maximum. Furthermore, the assessed value still continues to be arbitrary and is not necessarily what a property is actually worth.
In addition, our sales taxes will be going up to subsidize the slight decrease in homeowner taxes.
The best solution in my opinion is to completely eliminate all property taxes and replace them with an increase in the state and local income tax.
