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CITY OF SOUTH BEND REDEVELOPMENT COMMISSION REGULAR MEETING – September 11, 2025 <br /> <br />5 <br /> <br />To clarify, this initiative does not change the property tax percentage <br />rate for any properties. While neighborhood improvements can <br />increase property values, Indiana’s new property tax law—Senate Bill <br />1 (SB1)—places limits on how much property taxes can rise over <br />multiple years. Previously, property assessments were based on what <br />a home could sell for in the market. SB1 changes that by decoupling <br />assessments from market value, helping to slow down increases in <br />assessed value over time. Additionally, SB1 may renew tax credit <br />programs for seniors. If you're over 55 and on a fixed income, you <br />might qualify for credits that reduce your property tax bill. We're still <br />reviewing the full impact of this new law, but we’re happy to help <br />answer questions or connect you with county officials who can provide <br />more details. <br /> <br />So again, we’re establishing the tool now, but it will take time before <br />we have enough funds to support various projects. Lastly, regarding <br />property tax rates: this initiative does not change the percentage rate <br />for any properties. While neighborhood improvements can affect <br />property values, Indiana’s SB1 property tax bill limits how much <br />property taxes can increase over multiple years. <br /> <br />There was a question about property owners who already have vacant <br />lots and may be interested in building on them or getting support <br />through a program like TIF. Yes, that is an eligible use of TIF funds— <br />they can be used as incentives to support new development. <br /> <br />For owners interested in exploring this, there are a few options: <br />• Our team is available to discuss possibilities. <br />• We can also connect you with Intend Indiana, the nonprofit <br />currently doing new construction in the neighborhood. They offer <br />different partnership models for property owners. <br /> <br />To clarify, we did not include any properties in this area on the <br />acquisition list. In other commercial TIF districts, properties are <br />sometimes listed for potential purchase by the Commission. But in this <br />case, we wanted to avoid confusion or concern—especially for single- <br />family residential properties—so no properties were added to that list. <br />If, in the future, there’s interest in purchasing property in this area, we <br />would need to revise the acquisition list and formally add those <br />properties. However, when improvements happen in a neighborhood, <br />property values can go up. That can be a good thing—homeowners <br />may gain more equity, which could help if they want to sell or use their <br />home to access financing. But it could also lead to higher property <br />assessments, which might increase property taxes. That’s where SB1 <br />comes in. This new state law sets a limit on how much property taxes