INDIANAPOLIS (WISH) — The two most populous counties in central Indiana on Monday reported more homeowners saw lower property tax bills this year, but many paid more.

This year is the first year for property tax bills following the implementation of the state’s new property tax law. Last spring, Gov. Mike Braun, a Republican, said the new law would mean lower property tax bills for most homeowners.

Numbers from Marion and Hamilton counties suggest this largely was the case, with some important caveats. Marion County Treasurer Barbara Lawrence, a Democrat, said a little more than 118,000 residential properties owed less than last year, while about 99,000 paid more. Last year, nearly 174,000 homeowners paid more in property taxe...