By KATIERA WINFREY
WISH-TV | wishtv.com
Homestead tax relief is nearly in reach for countless Hoosiers as Senate Bill 46 just passed out of committee.
State Representative Cherrish Pryor says this is a time to celebrate, but action is coming a bit too late. Next week, people will start receiving property tax bills, and some can expect to see their assessed value near triple.
The housing crisis stretches across multiple branches, and for years Pryor has been targeting its impact on property taxes. In a nearly unanimous vote, Senate Bill 46 passed out of committee.
“The one concern that I have is that we didn’t do this sooner,” Pryor said.
If signed into law, it would be relief for families with drastically increased assessed home values by allowing locals to develop Neighborhood Enhancement Districts to determine income threshold and other guidelines for tax relief.
“If we had done it sooner, the property tax situation that we’re going to be seeing when property tax bills go out, those communities would not be facing that challenge,” Pryor said.
She says property taxes are projected to go up 18 percent. People have seen growing property value increases, particularly in lower income neighborhoods experiencing widespread gentrification.
“There are some people who think gentrification is great,” Pryor said. “But it’s not great for the people who can no longer live there and afford it. Those people generally are the folks that have sought redevelopment and economic development to come to the community.”
For example, she shared a story of one home with an assessed value of $42,000 with an increase to $170,000 assessed value.
“Now you’re staring down the barrel of a tax bill that’s tripling or doubling,” Pryor said. “If you’re on fixed income or are a low income individual, you’re just not going to pay that.”
She says this legislation won’t help people immediately but could be vital in the future.
Pryor says she urges any homeowner to appeal if they believe their assessment is too high and to contact their representatives.