The Indiana Senate has approved a bill that would shift taxes away from property and over to income.
There are positives and negatives to such a switch - but in recent years the state legislature has pushed more and more funding responsibilities to local governments making the property tax increasingly unpopular.
Fort Wayne Journal Gazette article here.
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As a public school educator, I think this has potentially huge impacts -- positive or negative -- since the funding source is not as reliable as property taxes.
One thing I do not like is that the shift does not allow for increases.
On the other hand, as a property owner, I am offended by the fact that I never really own my property because I must continually pay taxes on the old system.
And most importantly, I think this legislation only provides lip-service to tax reform because it doesn't really eliminate property taxes. Schools/localities will likely NOT choose to waiver from the status quo because of the financial stability it provides...so the net effect will be NO CHANGE.
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