INDIANAPOLIS – On Thursday, September 15, Mayor Joe Hogsett joined City-County Council President Vop Osili to highlight passage of Proposal No. 310, which allocates funding for property tax relief for Marion County homeowners. The proposal was approved unanimously by the full City-County Council on Monday night.
Proposal No. 310 provides a one-time property tax prepayment for Marion County homesteads valued at up to $400,000. Homesteads with an assessed value of $250,000 or less will receive a $150 credit; homesteads with an assessed value between $250,000 and $400,000 will receive a $100 credit. Only owner-occupied single-family homes are eligible to receive the funding, which will appear automatically on the Spring 2023 property tax bill. Approximately 191,500 households are expected to receive the credit, representing around 90 percent of owner-occupied single-family households. The relief builds on ongoing City-supported efforts for renters, including over $150 million distributed through the IndyRent program and continued investment in the Tenant Legal Assistance Program and other resources.
The passage of Proposal 310 meets Indianapolis residents in a time of significant inflation and escalating home values, affecting homeowners’ property tax bills. Assessed values have increased more rapidly percentage-wise on homesteads with lower assessed values, with a nearly 34% increase for homesteads below $50,000.