How much does Hamilton Southeastern Schools lose to property tax caps?

Hamilton Southeastern Schools’ (HSE) 2023 estimated impact is a $4 million loss from its budget due to the state’s constitutional circuit breaker “claw-back,” also known as property tax caps. The majority of homeowners in the HSE district receive a credit due to property tax caps that limit the regular property taxes to 1% of the assessed value of a home. The 2023 total property tax bill for a home with a median value of $319,500 in Fishers would be $3,963 without the property tax caps. The cap limits the regular property taxes to $3,195 for this homeowner. The reduction (referred to as a “circuit-breaker credit”) is funded by a reduction in local government budgets, including the HSE Schools’ budget. Property taxes approved by the voters, such as the 2016 HSE Schools referendum, are not subject to property tax caps.