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Carmel Clay Schools chiefs say SEA 1 cuts could cost district $119 million; board weighs levy scenarios
Summary
District officials and Policy Analytics told the Carmel Clay Schools Board that Indianas SEA 1 will depress assessed values and cut local revenues by an estimated $119 million over eight years, prompting staff to present levy scenarios and examples of program and staffing impacts ahead of planned polling and a June ballot decision.
Carmel Clay Schools officials told the board at a work session that changes in Indianas Senate Enrolled Act 1 (SEA 1) will reduce local assessed value and shrink referendum revenue, creating a projected $119 million shortfall over the next eight years.
At the meeting, Mr. Gardner of Policy Analytics walked trustees through SEA 1s main mechanics: the phase-out of the $48,000 standard homestead deduction in favor of a larger supplemental deduction, a new homestead residential credit of 10% up to $300 per homeowner and a higher de minimis business personal-property exemption (illustrated rising from $80,000 to $2 million in 2027). "Anytime we increase deductions, we're going to push down on net assessed value," Gardner said, adding his firms projection that the district will see several years of declining net assessed value before growth resumes.
District financial staff and consultant Roger McMichael (finance lead) and others summarized how the change affects referendum mechanics: assessed-value declines mean the…
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