Indiana SB0218 allows counties and municipalities to reduce their homestead property tax cap and impose local option taxes to replace lost revenue.

Indiana SB0218 amends tax laws to allow counties and municipalities to reduce their homestead property tax cap below 1%. To replace lost revenue from the lower tax cap, the bill allows counties and municipalities to impose local option sales, innkeeper's, food and beverage, and income taxes. Revenue from these local option taxes must be used to offset the lost property tax revenue due to the lower homestead tax cap. The bill also makes technical changes and removes obsolete provisions.

Indiana SB0218 allows counties and municipalities to reduce their homestead property tax cap and impose local option taxes to replace lost revenue.

Indiana SB0218 amends tax laws to allow counties and municipalities to reduce their homestead property tax cap below 1%. To replace lost revenue from the lower tax cap, the bill allows counties and municipalities to impose local option sales, innkeeper's, food and beverage, and income taxes. Revenue from these local option taxes must be used to offset the lost property tax revenue due to the lower homestead tax cap. The bill also makes technical changes and removes obsolete provisions.