"Peru — In an attempt to offset losses from state tax caps, the Miami County Council is considering restructuring the distribution of property tax credits in 2012. But the move could increase tax rates on homestead property owners by 31 percent.
...
The county currently puts 30 percent of the LOIT revenue toward homestead tax relief, 20 percent toward residential and commercial rentals and 50 percent toward relieving taxes on all properties in the county.
Duckwall said there are three different options for redistributing LOIT money to ease the impact of the tax caps. However, he argued the best option would be distributing 50 percent of the funds to residential properties, including homesteads, while still giving 50 percent across-the-board relief to all properties.
Although the redistribution would allow the county to take in more than $400,000 in extra tax revenue compared to current LOIT rates, the increase would come exclusively from higher taxes on homestead property owners, who would see tax rates increase 31 percent on average.
However, the new distribution would lower tax rates on commercial apartments by 8 percent and other residential property by nearly 7 percent. Tax rates would remain the same on agricultural businesses, farmland, mobile home land and personal property."
http://kokomotribune.com/local/x1875167715/Council-considers-property-tax-changes
