The property tax caps are being phased in with 08 taxes payable 09 at 1.5% for homesteads, 2.5% for rentals, and 3.5% for businesses. The 09 taxes payable in 2010 will be 1%, 2% and 3% for the same classifications.

In order for these to become permanent, the Indiana Constitution must be amended which requires the legislature to pass the caps again for a second time and then the voters have to approve it in a referendum.