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Carmel warns Senate Enrolled Act 1 will shrink property-tax revenue, prompts budget review
Summary
Mayor Sue Finkham told a virtual town hall that Indiana's Senate Enrolled Act 1 (SEA 1) will reduce Carmel's property-tax revenue over several years, constrain levy growth and eliminate excess-levy appeals, forcing the city to find spending cuts or new revenue ahead of a September budget process.
Mayor Sue Finkham said Carmel faces a multi-year revenue shortfall under Indiana's Senate Enrolled Act 1 and that city leaders must prepare for spending reductions and new revenue options.
"We—e got to put our hats on and try to find deeper cuts and other ways to increase revenue to offset this gap," Mayor Sue Finkham said during the livestreamed event hosted by Carmel Clay Schools and the City of Carmel. She warned the law will phase in through 2031 and substantially reduce property-tax revenue while limiting levy growth and removing excess-levy appeals.
The law reduces property taxes for homeowners who qualify for homestead deductions and raises the business personal property exemption, Finkham said. It also creates a…
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