Marion County residents could see property tax relief under the budget proposed Monday night by Indianapolis Mayor Joe Hogsett.

The budget plan provides $27 million in tax relief from American Rescue Plan funds.

Under the proposal,  residents with home values up to $250,000 will get a $150 tax credit on their next tax bill.  Residents with home values between $250,000 – $400,000 would get a $100 tax credit.

Nearly 150,000 residents would be eligible for the $150 tax credit, while slightly more than 42,000 would be eligible for $100 tax credit.

The tax credit only applies to owner-occupied homes.

The Mayor’s staff says it’s a way to help address skyrocketing property tax assessments.

Hogsett’s $1.46 billion budget also includes funding for 100 new police officers and also invests in mental health, re-entry, and hunger relief programs.

It also has funding for street and sidewalk repair as well as a new education program called Circle City Reads to help address the literacy gaps in grades K-3.

The Council will start to take up the budget Wednesday evening.

You can view the budget presentation here.

You can hear the Mayor, IMPD Chief Randall Tayor, and Dan Parker, the head of the Department of Public Works, in the Leon-Tailored Audio above.