Downtown businesses are struggling. An unlimited tax on downtown businesses only continues to harm existing residents and business owners.
This new tax rate is .1681% of assessed value for commercial properties and apartments, meaning a building with assessed value of $50M will be taxed $84,050 and a $100M building will be taxed $168,100. Residential properties will pay a flat $250 fee.
If this tax goes into effect, it will cost apartment renters an additional $30 - 60 per month, or $360 - 720 per year. Commercial office space will increase $.15 - .22 per square foot, meaning a 10,000 square foot business will pay $1,500 - 2,200 more per year.
As property owners, business owners, and residents, our voices and votes have been intentionally excluded from the approval process, and we have not had meaningful input on this new special taxing district. We do not support the city secretly saddling us with additional, arbitrary taxes to create a slush fund for downtown Indianapolis.
During the 2023 legislative session, the Indiana General Assembly approved the implementation of an Economic Enhancement District (EED) within the downtown Mile Square. This EED serves as a new, unlimited tax on downtown property owners to generate additional revenue for projects already being funded by taxes, grants and donations. This taxing district was created without any communication with, or input from, those it would affect. We ask that you sign the petition below to voice your disapproval of this additional tax.
We represent commercial business owners, restaurant owners, apartment owners, building owners, and homeowners. We are deeply concerned with the implementation of a new unlimited special taxing district and how that will impact our costs and ability to live and operate downtown.
We are a group of downtown residents and business owners who live or operate in the Mile Square.
We represent commercial business owners, restaurant owners, apartment owners, building owners, and homeowners. We are deeply concerned with the implementation of a new unlimited special taxing district and how that will impact our costs and ability to live and operate downtown.