How recent state tax reform will change who pays property tax in Fishers

Mike Ritter outlined how Senate Enrolled Act 1 alters taxable valuations for homeowners and rental properties and what that means for municipal revenue.

Ritter described the homeowner deduction increasing through 2031 to 66.7% and a newly introduced deduction for apartment properties that grows from 0% in 2025 to 33% by 2031. "That deduction will continue to increase for homeowners until the year 2031, until it's 66.7%," he said, adding that apartment deductions are a new feature that will exert downward pressure on the tax base.

He also noted the law eliminates taxation of business personal property under $2,000,000, which further reduces taxable value for smaller enterprises. Council members asked whether landlords would pass savings to renters; Ritter replied the benefit goes to property owners and passthrough to rent depends on individual landlord decisions.