Homestead Standard Deduction
(Up to $45,000 if residential assessed value is 75,000 or over / 60% of residential assessed value if under 75,000)
Must reside on the property and own by December 31. Exemption amount dependent on assessment. Also eligible for a Supplemental Homestead Deduction which is a percentage credit on assessed value after the Standard Homestead Deduction is applied.
If an individual whose property becomes ineligible for the homestead deduction fails to file a certified statment with the County Auditor notifying the auditor of the ineligibility within sixty (60) days after the date of change, the individual is liable for the amount of the deduction allowed for that real property plus a civil penalty equal to ten persent (10%) of the additional taxes due.
Use this link for the electronic form from the State of Indiana’s site. This form can be mailed or brought into the Auditor’s Office located at 126 E Third St. Rm 220 Mt. Vernon, IN 47620.
Supplemental Homestead Deduction
(After deducting the Standard Deduction from the residential assessed valuation, an additional 35% of the residential assessed value up to 600,000 and 25% of the residential assessed value over 600,000 is deducted.)
An individual who is entitled to a Homestead Standard Deduction is also entitled to receive a Supplemental Homestead Deduction (effective for taxes payable in 2009) which is a percentage credit after the Standard Homestead is applied but before the application of any other deduction, exemption or credit.
Homestead Standard Deduction, HEA 1004-2011 amending IC 6-1.1-12-37 on Married Couples Maintaining Separate Households.