Republican candidate for Indiana governor Mike Braun says he is committed to making his plan to cut property taxes a reality.
In an appearance Thursday on WIBC’s “Kendall and Casey” show, Braun said this is one of the many things he plans to fix once he becomes Indiana’s next governor in November. He is confident he can beat Democrat Jennifer McCormick and Libertarian Donald Rainwater.
“In my opinion, to achieve more than the average, you have to take a few risks, not sit back and do nothing, make sure your ideas are good and then sell them like crazy,” Braun said.
According to an analysis by the Association of Indiana Counties and Policy Analytics, gross home values increased an average of 16.5% and property tax bills increased an average of 18.2% between 2022 and 2023. Under Braun’s plan, homeowners with an assessed value above $125,000 would be able to deduct 60% of their home’s assessed value from their tax bill, while those below that threshold would be able to take the $48,000 standard deduction in addition to an additional 60% deduction. The plan would return tax bills to 2021 levels.
“I think we all agree that owning a home should be feasible and attainable for everyone. If tax policy doesn’t do that, it needs to be changed. I think that’s why it will have broad support,” Braun said.
Braun says he will promote this every week until the election.
Michael Hicks, an economist at Ball State University, told the Indiana Capital Chronicle that Braun’s proposal would be a blow to local government units – including school districts – that fund local services such as police, road maintenance and school operations through property taxes.
Overall, Braun said, these reforms would result in an immediate 21% tax cut for Indiana residents.
“Nothing is more important than ensuring Indiana residents can afford to live in their homes without being overburdened by rising property taxes. My plan focuses on limiting property tax increases, updating deductions, increasing transparency and reforming the referendum process,” Braun told Kendall and Casey in early July.
