(STATEHOUSE) - Governor Mitch Daniels is proposing a sweeping property tax restructuring plan that his administration says would cut property taxes in half and lower homeowner bills by about a third on average statewide.
Some replacement revenue would come from a sales tax increase.
The plan would cap homeowner property taxes at 1 percent of a home's assessed value, with limits of 2 percent for rental property and 3 percent for business property. It also includes new exemptions for homeowners.
The proposal would be funded in part by increasing the sales tax from 6 percent to 7 percent.
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