From the Clark County News and Tribune:
As expected, the city of Jeffersonville will need to cut its 2013 budget to account for property tax cap losses. The total discovered is $3.2 million in reductions.
The state of Indiana limits how much money can be collected in property taxes. It limits property taxes for individual homeowners at 1 percent of the assessed value of the property; 2 percent for rental properties; and 3 percent for businesses. Any amount over the percentages cannot be collected by the taxing unit.
The city council approved the 2013 general fund budget at $25.6 million, the same amount that was certified by the Department of Local Government Finance.
“We knew they were coming,” said Councilman Nathan Samuel of the tax caps.
The city had been waiting for the amount, however, from the state. The city’s budget had been reduced in 2011 and 2011. Last year, the city was forced to cut $3.5 million out of the city budget to account for the caps.
To address this year’s cuts, the city council asked for some direction.
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BY THE NUMBERS
Jeffersonville’s budget
• Budget amount approved by the city council — $25.6 million
• Certified budget approved by the state — $25.6 million
• Tax cap reductions — $3.2 million
• Total 2013 budget — $22.4 million
http://newsandtribune.com/clarkcounty/x2015916490/Tax-caps-hit-Jeffersonville-again
