Bill > SB0392

This bill provides expanded property tax relief for seniors and veterans by making several key changes to existing tax law. The legislation increases the assessed value limit for property tax deductions from $240,000 to $300,000 starting January 1, 2025, and introduces an annual adjustment mechanism tied to Indiana's median home sale prices. For veterans with disabilities or those over 62 who served at least 90 days and received an honorable discharge, the bill now offers a sliding scale of deductions: a $14,000 deduction for properties valued at $300,000 or less, and a $7,000 deduction for properties valued between $300,000 and $400,000. Additionally, the bill raises the household income threshold for seniors qualifying for a circuit breaker credit from $40,000 to $75,000, with future annual adjustments based on Social Security cost-of-living increases. These changes aim to provide more substantial tax relief for seniors and veterans, acknowledging the rising property values and living costs in Indiana, and are retroactively effective from January 1, 2025, with provisions set to expire on July 1, 2028.

Budget and Finance

https://iga.in.gov/legislative/2025/bills/senate/392/details