Senate Bill 1 projected to shrink Franklins property tax base and reshape income-tax revenue sharing, consultant warns

Jeff Peters, a presenter to the Franklin City Redevelopment Commission, told members that Senate Bill 1 will substantially reduce the citys assessed-value base and change how local income taxes are collected and distributed.

Peters said the bill increases supplemental homestead credits and eliminates the standard homestead credit, reducing the taxable share of a typical owner-occupied home from about one-half of market value today to roughly one-third under the new law. "When this legislation is done being implemented between 2026 and 02/1931, that will fall to about a third," he said. He added that other credits for veterans and special groups are also included.

Peters described additional changes to other property classes: rental residential and care facilities would see taxable shares fall from 100% to two-thirds, and the threshold for reporting business personal property would jump…