Realtors call for cutting property taxes

 IBJ Staff

The Indiana Association of Realtors today called for shifting some reliance on property taxes to other revenue sources, but stopped short of advocating eliminating the tax.

The trade group didn't specify which sources should be increased to offset any reduction in property taxes. Replacement revenue should come from "broad-based taxes centered on the ability to pay," it said.

The Realtors also called for eliminating the township assessment system as a means to increase equality of assessments, and for appointing assessors in order to minimize "political pressure."

Also, "antiquated" local government should be reformed, the group said. The resulting simplicity would result in greater transparency and capacity to address problems, it said.

The announcement comes four days after the Indiana Farm Bureau proposed cutting property taxes by about a third, or more than $2 billion, and replacing the lost revenue with higher income and sales taxes.