Statistics

Estimated property taxes in 2012 $6.641 billion

2012 would be first year without property taxes. (*See timeline for elimination of property taxes.) Estimate based on limiting local spending increases to inflation and population growth.

Savings from state spending cap in 2012 $1.543 billion

Business replacement revenue $500 million

Sales tax increase – 2% $2.454 billion

Income tax increase – 1% $1.638 billion

Administrative savings from eliminating property taxes $250 million

Amount from property tax elimination fund $300 million l Fund set up in 2007 to receive state revenue that exceeds the state spending control of inflation and population growth. After 2011 the amount in the property tax elimination fund will exceed $3.5 billion. Utilizing $300 million in 2012 will leave a reserve balance of over $3.2 billion. TOTAL REPLACEMENT FUNDS $6.685 billion Amount available to replace property taxes in 2012 does not include: + Amount remaining in property tax elimination fund of over $3.2 billion. + Interest from property tax elimination fund which could exceed $600 million by 2012. + Sales taxes and income taxes generated from economic growth. *Data Source: Indiana Legislative Services Agency and Indiana Handbook of Taxes, Revenues, and Appropriations - Fiscal Year 2006

Total Replacement Funds $6.685 billion


Amount available to replace property taxes in 2012 does not include:

*Data Source: Indiana Legislative Services Agency and Indiana Handbook of Taxes,Revenues, and Appropriations - Fiscal Year 2006