IPS reduces tax hike proposal by millions of dollars

Indianapolis Public Schools is reducing the amount of money it will ask taxpayers to approve in the May referendum after concerns were raised among the business community and homeowners about how much they would be asked to pay.  The district's initial plan was to raise $936 million over eight years, but they have now lowered that request to $725.6 million. If approved, $525.6 million of that will be raised over eight years.  IPS wants the money to invest in teacher pay and to pay for building maintenance and improvements.  The new plan means the average homeowner with a home value of $123,000 will pay about $17 extra each month.