Newly-enacted laws have changed some qualifying limitations for Property Taxes Deductions and Exemptions, and as such, Hamilton County Auditor Robin Mills wants the citizens of Hamilton County to know about them and the effects they will have.
Mills
“People hear about legislation being passed all the time and may not truly understand the ramifications and what that legislation means for them,” said Mills. “Senate Enrolled Act 280 is one of those. It not only provides changes to qualifying limitations to the Over 65, 65 Circuit Breaker and Disabled Veterans Deductions, it also increased the deduction amount from $12,480 to $14,000 for both the Disabled Veteran Deduction as well as the Over 65 Deduction.”
Prior to enacting the new law, the Over 65 Deduction assessed value limitation was $182,430. Under the new law, it is now $200,000 and the income limitation went from $25,000 to $30,000 for single and $40,000 for married/joint tenants.
Previously, the Over 65 Circuit Breaker Deduction assessed value limitation was $160,000 and it is now $200,000. The income limitation stayed the same at $30,000 for a single and $40,000 for married/joint tenants.
The assessed value limitation for Disabled Veterans (totally or partially disabled over 62), goes from $175,000 to $200,000. The deduction amount increases from $12,480 to $14,000. SEA 280 also added some qualifying factors for surviving spouses that include:
The individual:
- Was killed in action
- Died while serving on active duty in the US Military or Naval Forces, or
- Died while performing inactive duty training in the US Military or Naval Forces
“The Real Property Department will run various reports that will include individuals who already have the deductions in place or who had these deductions, but were disqualified due to past assessed value limitations,” explained Sadie Eldridge, Lead Real Property Deductions Deputy. “For everyone who qualifies with the increased assessed value, we will automatically apply the benefits. However, we want to encourage everyone to follow up with our office after they receive their tax bill in August to see if they qualify or if they have any questions about the new limitations.”
For more information regarding these deductions and exemptions or any other property tax issues, please visit hamiltoncounty.in.gov and click on the “Property & Taxes” icon on the homepage, or call the Real Property Department at (317) 770-4412.