Indiana’s state budget agency has released its estimated county-by-county local income tax (LIT) distributions for 2023, which are numbers local governmental units will use for 2023 budget planning.
For the certified shares category, Monroe County (across all government units) is projected to see about a 13-percent increase—from $34,232,607 in 2022 to $38,815,238 in 2023.
That news comes shortly after the maximum levy growth quotient for property tax revenue was announced for the 2023 budget year: 5 percent. That’s the biggest percentage increase since at least as far back as 2003. Continue reading “Bloomington area budget prep: Income tax revenues for 2023 projected up 13%, property tax levy up 5%”