Tax cap credits were applied to all properties whose tax bill was going to be greater than the percentage allowed by the tax cap for that type of property. If your bill was going to be $1251, and the tax caps only allowed a maximum of $1000, then your 'tax cap credit' is $251. Tax cap credits are called 'circuit breaker credits' as well.
Well, we now have the total amount of circuit breaker credits issued in Marion County for 2010. Thanks to Mike Rodman, Marion County Treasurer, and Cindy Land, Administrative Deputy, for providing me with the information.
I did a little crunching of the numbers to bring them to the level of the circuit breaker credit applied by Township. Below I also list the property tax 'levy', which is what the bills would have totaled without the tax caps. The '%' column shows the circuit breaker credit as a percentage of the 'levy'.
Obviously, Franklin Township stands out with a quarter of all property taxes given a tax cap credit. Even looking at it as a total dollar amount, Franklin Township scored the highest with over $16 million in credits, besting far more developed Townships.
Overall, property taxpayers saved an aggregate of $75 million in 2010 on property taxes due to the new property tax caps.