# SEA 1 creates a new credit for qualifying homestead property owners, reducing local tax collections

## What happened
Stifel consultant Chad Blacklock told the oversight board that, under Senate Enrolled Act 1, qualifying homeowners whose homes fall within the constitutional one-percent homestead category will receive a new credit on their 2026 property-tax bill: the lesser of 10% of their final tax bill or $300. [Credit applies to qualifying one-percent homestead properties, 1:03:03](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3783) [New credit: the lesser of 10% or $300, 1:03:09](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3789) He said the law also adds a new $150 credit to the existing over-65 benefit for qualifying homeowners. [New additional $150 credit for qualifying homeowners over 65, 1:05:31](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3931) Using a $200,000 home already capped at a $2,000 tax bill, Blacklock said the new credit would cut that bill by another $200 — money that Vigo County Schools and every other local government taxing that property will not collect. [$200,000-home example, 1:03:39](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3819) [Revenue loss to local governments including schools, 1:04:14](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3854)

## The outcome
No vote was taken on the presentation; the board moved to public comment and adjournment after the briefing. [Board moves to adjournment after the presentation, 1:16:41](https://www.youtube.com/watch?v=Yl92svWWcHU&t=4601)

## Sources
- [Credit applies to qualifying one-percent homestead properties, 1:03:03](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3783)
- [New homestead credit: the lesser of 10% or $300, 1:03:09](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3789)
- [New additional $150 credit for qualifying homeowners over 65, 1:05:31](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3931)
- [Worked example on a $200,000 home, 1:03:39](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3819)
- [Revenue loss extends to schools and other local governments, 1:04:14](https://www.youtube.com/watch?v=Yl92svWWcHU&t=3854)

*Also known as: SEA 1 homestead credit · Senate Enrolled Act 1 · new property tax credit 2026 · homeowner tax credit · why is my property tax bill different*