Variations in Receipt of Benefit
No Variation in Receipt of Benefits
An individual may obtain a deduction from the assessed value equal to the lesser of ½ the assessed value of the real property or $14,000.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this relief. Eligible property includes the individual's real property, mobile home or manufactured home which is not assessed as real property.
Property Value Limit
Description of Eligibility Criteria
To qualify, a claimant must be at least 65 on or before December 31 of the preceding calendar year. The claimant's income must not exceed $30,000 if filing as an individual. If filing jointly with a spouse, income must not exceed $40,000. The combined income for an individual and all other individuals that share ownership or where the individual is purchasing the property under a contract as joint tenants or tenants in common, must not exceed $40,000 for the calendar year two years before property taxes are first due and payable. A claimant must reside on the property and have owned it for at least one year. Income for eligibility is established as adjusted gross income (AGI), which is further defined as: (1) Begin with gross income as defined in section 61 of the Internal Revenue Code. (2) Subtract any deductions allowed by section 62 of the Internal Revenue Code. The assessed value of the property cannot exceed $200,000. For determining the assessed value of the property, increases in assessed value that occur after the later of December 31, 2019 or the first year that the individual has received the deduction, are not considered unless the increase is attributable to physical improvements. Surviving spouses are eligible if they are at least 60 years of age on or before December 31 of the preceding calendar year. To continue to get the benefit, a surviving spouse must not remarry.
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.
[https://forms.in.gov/Download.aspx?id=5070 Accessed 11/03/2021]
View Archived Source
[https://www.in.gov/dlgf/2344.htm Accessed 11/03/2021]
P.L. 114-2019,SEC. 1