Marion County Income Taxes Increase 65%

Just when you think it couldn’t any worse the City-County Council passes a bill that will raise the Marion County income tax by 65%.  This increase is on the heels of another income tax increase that just took place July 1 and of course follows the property tax debacle everybody is already reeling from.  The money from the tax increase is going to be used for Mayor Bart Peterson’s $90 million crime fighting plan. 

The current 65% tax increase means that if you make a combined income of $100,000 per year, it will now cost you an extra $650 to live in Marion County.  Maybe it is my knee jerk reaction as a Marion County resident, but I think this is totally ridiculous.  This makes me want to sell my Marion County house and move to Hamilton County where property taxes and the income taxes are lower. 

I have already done the math, if you make a combined income of $100,000 the extra $650 you will pay in taxes gives you an additional $8,000 in purchasing power to buy a house in another county.  Is this really what we want to do, send people packing out of Marion County and force them to surrounding counties where taxes are reasonable, schools are better, and crime is lower and less expensive?  The timing for passing a bill like is pathetically bad, especially after the property tax fiasco.

Do Mayor Bart Peterson and the City-County Council have any idea what they are doing to Indianapolis real estate?  It doesn’t seem like they do.  This along with the enormous property tax increase is enough to stifle to Indianapolis real estate market especially in Marion County.  The real estate industry is a major economic driving force and I feel like the people at the top have no idea what they are doing and how badly they are affecting such an important sector in the market.   

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