Two ways Indiana senior citizens can save on property taxes

There are two new ways that those who are 65 or older may be able to save money on Indiana property taxes.  In order to qualify for either of these for the March 1st, 2009 assessment period you must file paperwork by December 31st, 2008.

The first is the “Over 65 Deduction for assessed valuation.”  Per the Allen County Assessor’s website:

If you own property or a mobile home or are buying on a recorded contract, and you are at least age 65 on or before December 31 of the year before the taxes are due, you could qualify for the following deduction if you meet the following requirements:

Have a combined adjusted gross income that does not exceed $25,000.

Have an assessed property valuation of less than $182,430.

For the surviving spouse deduction you must be over the age of 60, and the deceased spouse must have been at least age 65 at time of death. The deduction is either one half of your assessed valuation or $12,480, whichever is less. This deduction may not be combined with the Blind/Disabled or Disabled Veteran deductions.

The second property tax deduction  is the “over 65 circuit breaker credit.”  Per the Allen County Assessor’s website:

You may also qualify for the Over 65 Circuit Breaker Credit if you are at least age 65 on or before December 31 of  the year before the taxes are due and you meet the following requirements:

Applicant must have qualified for the Homestead Credit the previous calendar year and must be qualified for the Homestead Credit during the current year.

Applicant’s adjusted gross income (AGI) may not exceed $30,000 for an individual or $40,000 for a married couple filing jointly.

The assessed gross value of the homestead on the assessment date must be less than $160,000.

Mike Sylvester, CPA/ABV “accredited in business valuation”

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