Brief Listing of Deductions and Savings
There are many State Statute established deductions made available to you, but you must file in order to receive them. These deductions work to keep your property tax payments affordably low. They work by reducing the amount of assessed value a taxpayer pays on a given parcel of property. Application for deductions must be completed and dated not later than December 31 annually. Taxpayers do not need to reapply for deductions annually. Reapplication should only occur if the property is sold, the title is changed, or the home is refinanced (mortgage deduction only).
Deductions applied for prior to the annual deadlines will be applied to the next year's tax bill. For example: A homeowner who completes and files a deduction by December 31, 2014 will see the deduction applied to his 2014 pay 2015 tax bill. If a deed transfer is made on December 31, 2014, the new owner has until January 9th, 2015 to file for their deductions for 2015.
|Mortgage Deduction||$3,000 AV* Reduction|
|Homestead Deduction||The Lesser of $45,000 or 60% of AV Reduction|
|Supplemental Homestead Deduction||Equal to 35% of the next $600,000 AV, and 25% reduction of remaining AV over $600,000|
|Over Age 65 Deduction||$12,480 AV Reduction on Real or Mobile Home valued at $182,430 or less|
|Seniors 65 plus, limited 2% Tax Increase||If taxpayer’s income is less than $30,000 annually for individual; or $40,000 annually per joint income, property tax bill cannot increase more that 2% per year|
|Blind Deduction||$12,480 AV reduction if taxable income is less than $17,000 annually|
|Disabled||$12,480 AV reduction if taxable income is less than $17,000 annually|
|Veteran Total Disability (Code 1)||$12,480 AV reduction if combined Real, Personal, Mobile is valued at $143,160 or less|
|Veteran Part Disability (Code 2)||$24,960 AV reduction if disabled and honorably discharged during any war (must be 62 to receive this deduction)|
|Veteran and/or Spouse WW I||$18,720 AV reduction; service prior to Nov. 12, 1918|
|Geothermal and Wind Deductions||Special energy deductions with special filing instructions|
These are brief descriptions of deductions available. To receive more details regarding your filing, please call our office at 765-456-2215 before coming in. Calling could save you from having to make an additional trip to file one deduction.