Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Qualifying applicants are entitled to a deduction from assessed value equal to $12,480.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this relief.
Property Value Limit
Description of Eligibility Criteria
Qualifying applicants are those who have served in the military or naval forces of the United States for at least 90 days, received an honorable discharge, either has a total disability or is at least 62 years old and has a disability of at least 10% that is evidenced by a pension certificate or an award of compensation issued by the United States Department of Veterans Affairs or a certificate of eligibility issued to the individual by the Indiana department of veterans' affairs. Qualifying applicats must also own the property. The surviving spouse of an individual may receive the deduction provided by this section if the individual would qualify for the deduction if the individual were alive. No one is entitled to the deduction if the assessed value of the individual's tangible property, as shown by the tax duplicate, exceeds $143,160.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss
Description of State Funding for Tax Loss
The statute is silent on whether or not the state reimburses the local government for the property tax loss.