Property tax pilot targets Riverside

The Riverside neighborhood saw some of the fastest-growing home values in the city last year, sending property taxes through the roof and threatening to force out some of the area's long-time residents.

Driving the news: The city of Indianapolis has proposed an "anti-displacement" pilot program that would give older residents in the west side neighborhood a break on their property tax bills.

The big picture: As the city encourages investing in and redeveloping neighborhoods like Riverside, it is also looking to solve the challenges gentrification creates for residents already there.

• A new state law, Senate Enrolled Act 46, paves the way for the program to reduce property taxes through 2027.

Zoom in: Most Riverside residents saw their assessed values increase by at least 10% and many by 20% or higher in the last year, according to the city.

• From 2015-2021, the median assessed value in the neighborhood nearly doubled, the IndyStar reported.
• Growth is being driven by development around 16 Tech and the city is investing in the area through its "vacant to vibrant" program, rehabbing vacant homes for affordable housing.

How it works: The anti-displacement pilot would be open to residents 55 and older who've been in their homes for at least 10 years.

• Property tax growth liability would be limited to 4% for qualifying homeowners.
• The eligible neighborhood is bounded by the White River, I-65, Fall Creek and 16th Street.

What they're saying: "I am confident this program will prove successful and expand to other parts of the city in the future," Mayor Joe Hogsett said.

What's next: The program is part of the budget proposal Hogsett submitted to the Indianapolis City-County Council last month.

• It's passed a council committee and now awaits a vote of the full council.