Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, January 2, 2013
(UNDATED) - Indiana homeowners who’ve let homestead deductions expire without refiling will receive notices soon warning they could lose the tax break.
Indiana Department of Local Government Finance spokeswoman Jenny Banks tells The Indianapolis Star that homeowners who received the deduction previously but haven't submitted new forms will get notices of the potential loss and how to reinstate the deduction.
The deduction is $45,000 on houses with assessed values over $90,000 or 60 percent of gross assessed valuations under $90,000.
A supplemental deduction gives homeowners an additional 35 percent of the remaining assessed value.
The state is requiring homeowners to certify they're eligible for the deduction so it can create a database ensuring no one receives more than the single credit allowed for primary residences. Vacation homes and rentals aren't eligible.
1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at comments@wbiw.com
© Ad-Venture Media, Inc. All Rights Reserved.