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State senator briefs council on Senate Enrolled Act 1 and property-tax changes
Summary
State Senator Daryl Schmitt briefed the council on Senate Enrolled Act 1, outlining projected revenues for 2025–2028 and changes including elimination of the 30% floor for business personal property taxes, a $2 million threshold beginning in 2027, and shifting property tax deductions to credits in 2026.
State Senator Daryl Schmitt presented information to the Dubois County Council on Senate Enrolled Act 1, the property-tax legislation passed by the Indiana General Assembly.
Schmitt described projected revenues for 2025–2028 and said the law’s goals include simplifying property taxes by 2031, increasing transparency and shifting more decisions to local governments. He said that the 30% floor for business personal property taxes will be eliminated and that the threshold will increase to $2 million beginning in 2027. He also said property tax deductions will shift to credits beginning in 2026. "The idea is not to use local income taxes as a replacement for lost revenues but to look for efficiencies in government," Schmitt told the council.
Council members were presented the projected revenue figures and Schmitt answered questions about how the changes may affect local governments.
