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Hamilton County officials want to raise the income tax and add a homeowners’ tax credit

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Noblesville, Indiana – A Hamilton County Council member claims that those who are struggling with high property tax payments will benefit from his proposal to boost the county income tax and give homeowners a credit with the additional funds.

Brad Beaver, a Republican, said, “My real concern here is older people, retired people, fixed income. They own their house. They want to live here, and our property taxes are driving them out of their house.”

The 0.25% income tax hike would be implemented gradually between 2024 and 2027.

“My plan is that the county would raise their income tax to exactly match the reduction in the state income tax over a total four years. When we get to the end of four years, it is about $52 (million), $53 million it would generate,” Beaver said.

Beaver claims that the funds raised will benefit homeowners by way of a property tax credit in addition to the Homestead Exemption tax credit, which is available to many people who live in their own houses.

Every homeowner would experience the credit differently, particularly if their property tax is restricted.

Renters would not, however, be qualified for the tax benefit.

“It is not a direct effect on them, because they are not paying property tax, and commercial buildings and rental properties don’t get this (Homestead Exemption) benefit.”

This bill has already been approved by the Hamilton County Council, but before it can go into effect, at least two councils from each of the county’s four communities — Carmel, Fishers, Noblesville, and Westfield — must concur.

The tax modifications would take effect in January if approved.

 

 

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