Property tax caps zipping through Ind. Statehouse

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INDIANAPOLIS (AP) — A proposal to allow voters to decide whether property tax limits belong in the state constitution is zipping through the Indiana General Assembly.

A Senate committee on Tuesday voted 8-2 for the proposal, which cleared the Democrat-controlled House a day earlier. The plan now moves to the full GOP-led Senate and is expected to pass as early as next week.

State law already limits property tax bills to 1 percent of homes’ assessed value, with 2 percent caps on rental property and 3 percent limits on business property. If the bill clears the Senate, voters would decide in a November referendum whether those limits should be amended into the constitution.

Supporters say the caps protect taxpayers, while opponents say they hurt local government.