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The vast majority of commercial properties are under-assessed and come nowhere near paying taxes based on their true fair market value. Someone needs to do an investigation on that side of the equation. The results would shock most people.
Indiana’s tax code: *screw over individuals, give businesses handouts*
*Indiana sees much less population growth than the US average*
Indiana government: *pikachu face*
It would be better for the state and for business if we had policies to entice more people to move here (who would spend money) than to give handouts to businesses.
With this shift, all we do is move it from businesses to the employees. With the inflation moving wages, with some of that going to pay increased property taxes, that means prices will have to increase to compensate.
This does not even count the lost revenue from billion dollar a year revenue entities like not for profit hospitals.
With property. taxes capped at the local level cites are slowly starving for revenue while the state government is awash in excess cash.
That’s not an accident, especially since local governments are restricted from raising their own taxes by those same state legislators.
And there’s legislation pending at the Legislature that will make annexation even more difficult for cities. So cities can’t grow to increase tax dollars.
However, some cities aren’t blameless in this regard due to TIFs, which should be term limited to potentially provide some benefit to taxpayers in the future. And, in Indy, the PSDA funnels significant city tax dollars generated downtown to fund LOS and the Fieldhouse.
Business Leaders and politicians focus on JOBS. Jobs are what drive the economy and prosperity. Indiana competes with other states for jobs. Economic incentives to attract companies to bring facilities and jobs to any given state are the norm in the current competition for jobs. Minimizing business taxes is a key component to such economic incentives. It may be advisable for Indiana to conduct a non-partisan, fair bench-marking analysis to see how we stack up against other states in terms of OVERALL taxation. This is difficult as different states have very different tax laws. Some states have no state income tax. Some states have no property taxes. But they all have to have some form of revenue to operate. It is also very challenging to get any study for anything done that is “non-partisan” and “fair”. “Fair” is always determined by one’s perspective and there are broad differences in perspectives.
Our taxes are plenty low and we give plenty of economic incentives. Yet we miss out on the jobs we want because there’s more to it than just low taxes.
Why did Intel build in Ohio? They have the workforce.
When are we going to get serious about the need to better educate our workforce?
https://www.ibj.com/articles/state-commerce-chief-wants-to-draw-more-high-paying-jobs?navigation=this-week-sidebar
https://www.ibj.com/articles/lawmakers-consider-offering-remote-workers-15k-to-move-here