summary
Introduced
01/08/2025
01/08/2025
In Committee
01/08/2025
01/08/2025
Crossed Over
Passed
Dead
04/24/2025
04/24/2025
Introduced Session
2025 Regular Session
Bill Summary
Property tax deduction for persons age 65 and older. Provides an assessed value deduction for individuals who are at least 65 years of age, who reside in their home and have owned their home for at least 5 years, and meet certain other specified criteria. Provides that the deduction amount is equal to $120,000.
AI Summary
This bill introduces a new property tax deduction for Indiana residents who are 65 years or older, aimed at providing financial relief to senior homeowners. To qualify, individuals must meet several criteria, including being at least 65 years old, having owned their home for at least 5 years, and meeting specific income thresholds. For single filers, the adjusted gross income limit is $30,000, while joint filers or co-owners can have up to $40,000 in combined income, with these amounts adjusted annually based on Social Security cost of living increases. The deduction is valued at $120,000 and applies to real property, mobile homes, and manufactured homes with an assessed value not exceeding $240,000. Unique provisions include allowing the deduction for surviving spouses aged 60 or older whose deceased spouse was at least 65, and special rules for properties owned by multiple tenants. The deduction cannot be claimed alongside other property tax deductions, and homeowners temporarily living in nursing homes or hospitals remain eligible. The bill is set to take effect on January 1, 2025, and is designed to help seniors manage their property tax burden by providing a significant assessed value reduction.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
First reading: referred to Committee on Tax and Fiscal Policy (on 01/08/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://iga.in.gov/legislative/2025/bills/senate/68/details |
BillText | https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0068/SB0068.01.INTR.pdf |
Fiscal Note #1: Introduced | https://iga.in.gov/pdf-documents/124/2025/senate/bills/SB0068/fiscal-notes/SB0068.01.INTR.FN001.pdf |
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