Facing possible bankruptcy, Gary officials last week lobbied an Indiana appeals board to raise existing property tax caps on business owners to generate badly needed new revenue for the struggling former steel mill hub.

City officials asked the Indiana Distressed Unit Appeals Board to raise tax caps for businesses to 5.4% in 2009, 4.7% in 2010, and 4.1% in 2011. Under current state, law business owners’ property tax bills can’t be higher than 3% of the property’s assessed value.

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