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Policy analytics: Senate Bill 1 shrinks assessed value, could cut district referendum revenue by hundreds of thousands annually
Summary
Policy Analytics presented parcel‑level modeling showing that Senate Bill 1 (SEA 1) deductions and credits will reduce West Lafayette’s net assessed value and cut referendum revenue; the board heard that the district may lose more than $1 million annually in referendum revenue by 2031 without changes to local levies or other measures.
Jane Herndon of Policy Analytics told the West Lafayette school board on Aug. 4 that recent statewide tax changes in Senate Bill 1 will reduce net assessed values statewide and materially cut property‑tax revenue available to local governments, including schools. Herndon summarized the statutory changes and their effects: “Senate Bill 1 changes that, in that across the state we are seeing net assessed value decrease,” she said, citing larger homestead deductions phased in over five years, a new $300 or 10% supplemental homestead credit, and higher business‑personal property exemptions (rising from $80,000 to $2 million). She warned these…
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