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Controller outlines how new state tax law will shift revenue from property to income
Summary
City controller provided Greenwood Common Council an overview of Indiana Senate Bill 1, describing a five-year phaseout of homestead and supplemental property deductions, changes to business personal property exemptions, a new local income tax framework beginning in 2027 and other provisions that will affect local levies and borrowing options.
Controller Wright briefed the Greenwood Common Council on Senate Bill 1, which he said the governor signed on the 15th, and described several provisions that will change local revenue calculations.
Wright summarized the bill’s core changes: “phasing out the homestead deduction and the supplemental deduction. So that's a 5 year phase out.” He said the legislation will replace some property-tax revenue with a new local income tax system beginning in 2027, change business personal property exemptions, and add a new $300 (or 10%) credit on final bills beginning in 2026.
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