Goshen projecting 30% revenue decline with property tax changes
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Gov. Mike Braun signed Senate Bill 1 into law this year with the goal of providing property tax relief for Hoosier homeowners.
But Goshen Mayor Gina Leichty tells our partners at WSBT-TV that the bill is expected to have a major impact on the amount of revenue her city brings in.
“With the changes, we anticipate that it’ll be around a 30% to 33% revenue reduction, with a change in what we are currently collecting through a combination of our local income tax that’s through the county, and through our property taxes that are through the state,” Leichty said.
Leichty said the city is currently evaluating its expenditures and working with financial consultants to identify what kind of impact SB1 will have, according to WSBT. That could lead to cuts to certain services, though she said it’s too early to tell what moves will be made.
“We’re going to have to think very carefully about how we make cuts, how any increases in income tax or other fees might impact our local community,” she said.
Leichty expressed concerns about being able to offset the losses, but noted the city will continue working on its annual budget this summer.
RELATED: State property tax plan might prompt local income tax hikes