LOUISVILLE, Ky. (WDRB) -- The Indiana General Assembly passed a bill Monday designed to lower property taxes and prevent future tax hikes. 

Indiana Gov. Mike Braun released the following statement Tuesday morning after Senate Bill 1 passed:

"This is historic property tax relief. Senate Bill 1 cuts property taxes for most Hoosier homeowners, farmers, and businesses, limits future tax hikes, and makes the tax system fairer, more transparent, and easier to understand.

"Real property tax relief was a core promise of my Freedom and Opportunity Agenda and with the collaborative leadership of our legislators, we are delivering real savings and protections for taxpayers. I look forward to signing the bill as soon as I receive it." 

According to a post on Braun's X account, the bill will provide Hoosiers nearly $1.5 billion in tax relief, with homeowners saving $1.2 billion over three years.

The bill allows cities and towns across the state to create their own local income tax of up to 1.2%. It also provides farmers and small businesses with hundreds of millions in tax breaks. 

Braun's post states the bill will make the tax system more fair and more transparent while limiting future tax hikes.

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