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Property Tax Deductions Minimize

Several deductions are available for property owners to apply for to reduce payable taxes.  The following list identifies some of those deductions and filing deadlines.  If you think you might qualify for any of the exemptions or deductions,  you may contact the Auditor's Office at (812) 349-2510 for further information. 

HOMESTEAD CREDIT/ADDITIONAL HOMESTEAD CREDIT 

IC 6-1.1-20.9-1 through 6.   Property must be in owner's name and be the principle place of residence as of December 31st. Deduction must be filed by December 31. This is a one time filing unless status changes.  The Auditor is to be notified within sixty (60) days of any change.  The Standard Deduction reduces the value by $45,000 OR 1/2 of the value if the value is less than $90,000 with an additional percentage taken off the net tax. No portion of a residential dwelling which is income producing is eligible for the Homestead Credit.  

IC 6-1.1-20.9-2*.  A designated percentage of net tax bill*  (PL 146-2008 Sec. 848 grants an owner entitled to homestead credit for 2007 pay 2008 an additional homestead credit and section 849 gives those entitled to the standard deduction for 2008 pay 2009 a homestead credit.)

 

MORTGAGE OR RECORDED CONTRACT

IC 6-1.1-12-1 through 8.  If you have a recorded mortgage or contract by December 31, the filing deadline for the deduction is December 31.  This is a one time filing except when the mortgage has been re-financed.  The deduction is either $3,000 off the value, the balance of the mortgage on March 1, or 1/2  of the value of the property for that year.

AGE 65 DEDUCTION

IC 6-1.1-12-9 through 10.1  If you are 65 or older before December 31, your adjusted gross income on your Federal Income Tax Return is less than $25,000, and the value of real property is less than $182,430, you may apply by December 31 for an age deduction.  You must bring a copy of your Federal Income Tax return when applying.  Deductions for mobile homes not assessed as real property must be filed by March 1st.  Gross value is reduced by $12,480.

OVER 65 CIRCUIT BREAKER CREDIT

IC 6-1.1-20.6-8.5   If you are 65 or older before December 31 and your adjusted gross income on your Federal Income Tax Return is less than $30,000 for single and $40,000 for married couples with a value for the real property less than $160,000 you may apply by December 31st for this credit.  You must bring a copy of your Federal Income Tax return when applying.  Deductions for mobile homes not assessed as real property must be filed by March 1st.  Applicants must reside on property or be in a nursing home.

DISABLED VETERAN

IC 6-1.1-12-13 through 15.  An individual who served in the Military forces who received an honorable discharge and is at least 10% disabled. To be filed by December 31 for real property, by March 2 for personal property.  The disability must be evidenced by a pension certificate, pension check or award stating the disability.  There are no income or value limitations for a partially disabled Veteran deduction.  For a totally disabled Veteran's deduction the value of all tangible property cannot exceed $143,160. To obtain the pension certificate you may call the State Veteran's Administration at (800) 827-1000.

BLIND OR DISABLED DEDUCTION 

IC 6-1.1-12-11 & 12.  A blind or disabled person may receive  $12,480 deduction off the value of their property used and occupied as his or her residence if his or her taxable gross income is less than $17,000 in the preceding year.  If the property is owned as of December 31, the deduction must be filed by December 31.  It must be accompanied by a written statement from a physician licensed in the State of Indiana stating the disability, determined by the same standards used the Social Security Administration.

REHABILITATED RESIDENTIAL PROPERTY

IC 6-1.1-12-18  through 25.5.  If the assessed value of property is increased because it has been rehabilitated and the owner has paid at least $10,000 for the rehabilitation, the owner is entitled to have deducted from the assessed value of the property an amount equal to 50% of the increase.  See IC 6-1.1-12-12 for other stipulations.  The structure must be at least fifty (50) years old.  IC 6-1.1-12-18 provides for a deduction from assessed value if the residential real property value does not exceed $18,000 before rehabilitation.  The owner may have deducted from the assessed value an amount not to exceed the lesser of the total increase in assessed value resulting from the rehabilitation of $9,000.

SOLAR ENERGY, WIND POWER, GEO-THERMAL, AND HYDROELECTRIC

IC 6-1.1-12-26-35.  The Township Assessor must have assessed the device.  Geothermal & Hydroelectric devices must have been installed after 12/31/1981 and be accompanied by proof of certification of qualification by the State Department of Environmental Management.  File one time.

TAX ABATEMENT

IC 6-1.1-12.1-5.  When an area has been designated for tax abatement purposes, an application for deduction is to be filed by the property owner when the structure is built and assessed and the owner has received a Form 11 from the assessor.  Subsequent property owners should re-file when purchasing if they wish to continue the deduction.

TAX EXEMPT PROPERTY

IC 6-1.1-10-16.  To be filed by May 15th every other  year.  The next year to file will be the year 2013.  However, an application must be filed in any other year if the property was not exempted in the immediately preceding year.  The filing must list all real estate and improvements and/or personal property.

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