INDIANAPOLIS (AP) — A study of Indiana’s statewide property tax caps shows older, industrial cities have seen the biggest declines in revenues, while growing suburban communities are faring better.

The study released by the nonpartisan Indiana Fiscal Policy Institute finds that the caps implemented in 2009 have saved taxpayers money but that some of the state’s largest cities have taken financial hits.

Researchers found the caps cut Muncie’s property tax revenue by 45 percent and Anderson’s by 35 percent. The growing Indianapolis suburbs of Carmel and Fishers saw declines of less than 5 percent.

Researcher John Stafford says the caps will mean an increasing reliance on local income taxes for urban cities that aren’t growing.