Rising property taxes are a hot topic in many states as increasing home values, inflation, insurance costs, and high interest rates squeeze home owners.
This difficult environment has Hoosiers looking for relief, getting the attention of many officials, including GOP Gubernatorial candidate, U.S. Senator Mike Braun.
Sen. Braun released a Tax Relief Plan that would aim to drive down property taxes and cap property tax bills, among various provisions.
In a statement released on X/Twitter, Mike Braun laid out his property tax plan, which foresees a cut to homeowner property taxes, a cap on property tax bills, an increase in local government transparency, and reforming the referendum process.
Braun says his plan of action would result in an immediate 21% reduction in the average homeowner tax bill and a 39% reduction in the average tax bill for homes worth $80,000.
Under Mike Braun’s plan, any future proposed property tax increases would have to be approved by voter referendum while also capping the amount which property taxes can increase in any given tax bill.
It is vitally important that state lawmakers, who do not directly control property tax burdens, do not confuse voters by making them think they do. Local officials need to be held accountable for driving up property taxes.
State officials should also not subsidize local governments in an attempt to bribe them to keep property tax rates down. This leads to larger local governments that demand more tax dollars – from even more subsidies, or higher property taxes, either of which are costs borne by taxpayers.
Sen. Braun’s plans feature some great policies to avoid these pitfalls: a tax cap, to contain local government growth rather than risk subsidizing it, and requiring broad voter approval for property tax hikes.
Hoosiers deserve transparency at the local level, so they know what their property taxes are spent on, and have ample opportunity to make their voices heard when tax hikes are being proposed.
Some media have criticized Mike Braun’s plan on the basis that it will deprive local government of funding. But much of the plan is simply aimed at making local officials accountable to their voters when they want to tax more.