Though you might think otherwise if you only follow the bicoastal media bubble, gentrification is a growing concern across the U.S. — in smaller cities too. As Anna Clark reported last week for Next City, Indianapolis’ big investment in bike lanes and sidewalks has made the Midwest city more bike- and pedestrian-friendly, just the types of amenities that are drawing new residents to urban cores.
Amid that growth, Indianapolis City Councilor Vop Osili is hoping to prevent displacement of longtime homeowners by limiting property tax hikes. (Clark noted that “since 2008, when the city built the eight-mile Cultural Trail … property values increased by $1 billion.”) According to WFYI Indianapolis:
Osili has introduced a resolution that would ask the state legislature to allow the council to amend the city property tax code. He’d like to see longtime homeowners protected from dramatic increases in their tax rates.
Exact details on how such a tax relief program would work are a long way off, but the gist is that homeowners would who have lived in a home for a long enough period of time and have seen surrounding property values — and thus tax rates — rise dramatically over a short period of time, would have their tax rate increase capped or slowed.
“It’s to protect those homeowners who have weathered the storms of areas in our city that have experienced neglect, so they can remain and enjoy the benefits” of a rebounding neighborhood, Osili told WFYI.
Costs are relative, and cultural and economic shifts in cities affect people in cities of all sizes: Indianapolis may not be the first city on your mind when you think gentrification, but as WFYI reports, the effects have been significant.
The most stark example of climbing property values because of gentrification is the city’s Fountain Square neighborhood, where home prices have quadrupled in just four years.
The median cost of a home in that neighborhood in 2010 was $30,000, according to the Metropolitan Indianapolis Board of Realtors. Last year that had risen to $131,000 for a home.
Jenn Stanley is a freelance journalist, essayist and independent producer living in Chicago. She has an M.S. from the Medill School of Journalism at Northwestern University.
Follow Jenn .(JavaScript must be enabled to view this email address)