Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The credit is the amount that the current year's tax liability exceeds a 2% increase of the prior year's liability.
How is Benefit Disbursed
Credit to the property tax bill
Eligible Property Type
Characteristics of Eligible Property
Residential property includes the house and garage and up to 1 acre of land surrounding the dwelling.
Property Value Limit
Description of Eligibility Criteria
Eligible applicants must be at least 65 with adjusted gross income not to exceed $30,000 for individual ($40,000 for married applicants). 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. In addition, the assessed value of the homestead cannot exceed $200,000. For purposes of determining assessed value for individuals who have received the credit, increases in assessed value that occur after the later of December 31, 2019 or the first year an individual has received the credit, are not considered unless the increase is attributable to physical improvements. An applicant must also have qualified for the standard deduction for homestead property in the year the benefit is filed or the preceding year.
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 state statutes are silent as to funding the revenue loss.
Ind. Code § 6-1.1-20.6-8.5 (in effect for 2021)
[https://forms.in.gov/Download.aspx?id=5070 Accessed 01/19/2022]
View Archived Source
[https://www.in.gov/dlgf/2344.htm Accessed 01/19/2022]
P.L. 159-2020, SEC. 43