What the school referendum would do to your property tax bill

SEA 1 deductions. For a homestead, the $48,000 standard deduction shrinks each year and the supplemental deduction grows, per the schedule certified by the Indiana DLGF. Taxable value = (gross AV − standard deduction) × (1 − supplemental %). Non‑homestead residential (2% cap) property gets SEA 1's smaller new deduction, phasing from 6% to 33.4%.

Pay year	Standard deduction	Supplemental	Ref. rate if it fails	Ref. rate if it passes

Tax caps and credit. Non‑referendum taxes are capped at 1% of gross AV (2% for non‑homestead residential). Referendum taxes sit outside the cap. SEA 1 then subtracts a homestead credit of 10% of the non‑referendum bill, up to $300; by law the credit does not apply to referendum taxes.

Referendum rates. 2027 (31.94¢) and the 2031 maximum (42.74¢) are the district's published projections; the district has said the rate steps up each year in between, so 2028–2030 are interpolated evenly. The board sets the actual rate annually and can go lower (not higher) than the ballot maximum. If the referendum fails, the current operating rate (19¢, expires after 2031) and safety rate (5¢, expires after 2027) run out on their own schedules.

Old‑law line. What the bill would have been had SEA 1 never passed: $48,000 standard deduction, 35% supplemental deduction (25% on value above $600,000), no credit, and the existing 24¢ referendum renewed at its current rate.

Validation status. The shared deduction and ballot-rounding rules have automated checks. District projections and total-bill assumptions remain subject to source review; matching a ballot example does not validate a future total bill.

Not modeled. Changes to the county, city, township or library rates; the over‑65 and disabled‑veteran credits; property‑specific abatements; and any future reassessment beyond the growth option above.