President Gray offers $2.6 million in Additional Property Tax Cuts
Indianapolis – Council President Monroe Gray has submitted a proposal aimed at further reducing the property tax burden on Marion County homeowners by cutting an additional $2.6 million in property tax. The proposal for introduction at next week's Council meeting, gives the opportunity to reduce the tax increment revenues realized from several tax increment financing (TIF) districts.
President Gray said, "TIF Districts have been and remain self-sufficient. This proposal urges review of the TIF Revenues generated in each TIF district and to return any excess revenues to the taxpayers in the district by reducing the levy. This brings to $53 million the total reduction in city and county property tax bills in 2008. Though this goes a long way in helping to alleviate the tax burden, Council Democrats will not rest in their search for more relief."
The TIF Replacement Levy was established in 2003 by the Indiana General Assembly as part of statewide tax restructuring. It allowed local redevelopment commissions to levy this special property tax to ensure that they had enough revenue to make TIF bond payments.
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