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Indiana property-tax overhaul will shrink IPS property revenues, analyst warns
Summary
Policy analyst Jason O'Neil told the Indianapolis Local Education Alliance that Senate Enrolled Act 1 will reduce local property tax revenues for Indianapolis Public Schools and change how operations funds are shared with charter schools, requiring careful planning by the alliance and IPS.
Jason O'Neil, managing director of Policy Analytics, told the Indianapolis Local Education Alliance on a night focused on school finance that the property-tax changes passed this year in Senate Enrolled Act 1 will reduce local property-tax revenue for Indianapolis Public Schools and alter how operations funds are shared with charter schools.
"Senate Enrolled Act 1 introduced a property tax credit for homeowners equal to 10% of the property tax liability up to $300," O'Neil said, summarizing a set of changes he called "over 200 pages long." He added the law phases in new deductions and other credits that will reduce assessed value and thus local tax collections for taxing units in coming years.
The change matters because IPS receives substantial revenue from local property taxes. Andrew Stroop, IPS deputy superintendent, said district revenues come from three main sources: federal grants, state tuition support and local property taxes. "State tuition support is essentially 43% of our…
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