INDIANAPOLIS — Indianapolis Mayor Joe Hogsett joined city leaders Thursday to sign property tax relief for Marion County homeowners. The proposal was approved unanimously by the full City-County Council Monday night.
“Today, the City of Indianapolis provides a measure of relief targeted primarily at the homeowners facing challenges around taxes associated with a sudden leap in property value," Hogsett said. "My thanks to the City-County Council for their unanimous passage of this relief, which will benefit homeowners across Indianapolis.”
The measure provides a one-time property tax payment for Marion County homes valued at up to $400,000. For homes valued at $250,000 or less, owners will receive $150. For homes with a value between $250,000 and $400,000, owners will receive $100.
Only single-family homes are eligible, and the relief will be applied to the Spring 2023 property tax bill.
Approximately 191,500 households are expected to receive the credit in Marion County. That represents about 90% of owner-occupied single-family households, according to Hogsett's office.
The city said booming home prices and inflation more greatly impact homes with lower assed values. For example, the city said homes valued below $50,000 have seen a 34% increase.