Voters Approve Of State Property Tax Amendment

By Scott Sarvay

November 3, 2010 Updated Nov 3, 2010 at 12:32 PM EDT

INDIANA (Indiana's NewsCenter) - Voters overwhelmingly approved a ballot measure to amend the state constitution to cap property taxes at 1-percent of a home's assessed value and 3-percent of a business's.

The caps have reportedly saved residents $478 million this year, but meant less revenue for local governments and schools.

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