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Indiana Code Title 6. Taxation § 6-1.1-12-37.5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 37.5. (a) A person who is entitled to a standard deduction from the assessed value of property under section 37 of this chapter is also entitled to receive a supplemental deduction from the assessed value of the homestead to which the standard deduction applies after the application of the standard deduction but before the application of any other deduction, exemption, or credit for which the person is eligible.

(b) This subsection applies to taxes first due and payable before January 1, 2026.  The amount of the deduction under this section is equal to the sum of the following:

(1) For property taxes first due and payable:

(A) before January 1, 2024, thirty-five percent (35%);

(B) in 2024, forty percent (40%);  and

(C) in 2025, thirty-seven and five-tenths percent (37.5%);

of the assessed value determined under subsection (a) that is not more than six hundred thousand dollars ($600,000).

(2) For property taxes first due and payable:

(A) before January 1, 2024, twenty-five percent (25%);

(B) in 2024, thirty percent (30%);  and

(C) in 2025, twenty-seven and five-tenths percent (27.5%);

of the assessed value determined under subsection (a) that is more than six hundred thousand dollars ($600,000).

(c) This subsection applies to taxes first due and payable after December 31, 2025.  The amount of the deduction under this section is equal to:

(1) the assessed value of property reduced by the deduction amount under section 37 of this chapter for the property for the particular tax year;  multiplied by

(2) the following:

(A) Forty percent (40%) for taxes first due and payable in 2026.

(B) Forty-six percent (46%) for taxes first due and payable in 2027.

(C) Fifty-two percent (52%) for taxes first due and payable in 2028.

(D) Fifty-seven percent (57%) for taxes first due and payable in 2029.

(E) Sixty-two percent (62%) for taxes first due and payable in 2030.

(F) Sixty-six and seven-tenths percent (66.7%) for taxes first due and payable in 2031, and each year thereafter.

However, the amount of the deduction under this section may not exceed the amount equal to seventy-five percent (75%) of the gross assessed value of the property.

(d) The auditor of the county shall record and make the deduction for the person qualifying for the deduction.

(e) The deduction granted under this section shall not be considered in applying section 40.5 of this chapter to the deductions applicable to property.  Section 40.5 of this chapter does not apply to the deduction granted under this section.

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-1.1-12-37.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-1-1-12-37-5/

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