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Last updated on Thursday, December 18, 2008
(UNDATED) - Don’t miss out on this senior discount. Homeowners age 65 and up have until December 31st to sign up for a new state property tax credit.
The new credit exemption prevents a property tax bill from increasing more than two percent from the previous year's bill. It works in conjunction with the property tax caps that kicks in next year, which limit tax bills to one-and-a-half percent of a home's assessed value.
But, you guessed it, some restrictions apply.
Mary Jane Michalak, with the Indiana Department of Local Government Finance says to qualify, you must be at least 65 on or before December 31st. Individuals with an annual adjusted gross income of less than $30,000 or couples at less than $40,000 are eligible for the credit. And your home and up to acre of property can't be valued more than $160,000.
To sign up, bring your previous year's IRS 1040 form and a legal ID to your county auditor's office and fill out the form.
The Lawrence County Auditor can be contacted at (812) 275-3111.
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