Exemption for Residents over 65

State

Indiana

Year

2007

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Exemption

Benefit

An individual may obtain a deduction from the assessed value equal to the lesser of ½ the assessed value of the real property or $12,480.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this relief.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Property Value Limit

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

An individual may obtain a deduction from the assessed value of the individual's real property, or mobile home or manufactured home which is not assessed as real property if the individual is at least 65 on or before December 31 of the calendar year preceding the year in which the deduction is claimed; the individuals’ income does not exceed $25,000; the individual has owned the property for at least one year; the individual must reside on the property; and the assessed value cannot exceed $182,430. Surviving spouses are eligible if the surviving spouse is at least 60 years of age on or before December 31 of the calendar year preceding the year in which the deduction is claimed; the surviving spouse's deceased husband or wife was at least 65 years of age at the time of a death; and the surviving spouse has not remarried.

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.

Record ID

IN104_RR07

Footnotes

Qualifying individuals are eligible for relief so long as they have not claimed any other property tax exemption other than the Exemption for Mortgages and Contact Deductions, the Homestead Standard Deduction, the Supplemental Homestead Tax Credit, or the Deduction to Comply with Fertilizer Storage Rules. If the resident shares ownership with other individuals as joint tenants or tenants in common and all the tenants are not at least 65 years old, the deduction shall be reduced by an amount equal to the deduction multiplied by a fraction. The numerator of the fraction is the number of tenants who are not at least 65 years of age, and the denominator is the total number of tenants. 2008 Ind. P.L. 219 § 25 retroactively changes the property value limit from $144,000 to $182,430.

Sources

Ind. Code § 6-1.1-12-9b (in effect for 2007)

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