State Form 46021 - Sales Disclosure Form - Indiana Page 10
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12INDIANA SALES DISCLOSURE FORM INSTRUCTIONS
Page 7
TABLE 2 – Other Deductions NOT covered under the Sales Disclosure Form
Other Deductions NOT covered under the Sales Disclosure Form Listed below are additional deductions and credits that are available to lower property taxes in Indiana that can not be applied for with the Sales
Disclosure Form. Taxpayers may claim these benefits by filing an application with the auditor in the county where the property is situated. The previous tax bill will facilitate filing, but it is not required. Individuals
that purchase property, or record a transfer or mortgage document after March 1 may file for the deductions at the earliest opportunity, but the deduction will not apply until the following March 1st assessment
date. The deduction will appear on the tax bill the year following the assessment date. For additional information on these and other benefits, please consult Indiana Code 6-1.1-12 and 6-1.1-20.9.
APPLICATION FORM AND
RESTRICTIONS WHEN
DEDUCTION
MAXIMUM AMOUNT
VERIFICATION (PROOF)
COMBINING WITH OTHER
(Indiana Code)
***
ELIGIBILITY REQUIREMENTS
REQUIRED
DEDUCTIONS***
Homestead Credit (6-1.1-
(See Homestead
Sales Disclosure Form is an application for the first year, but NOT subsequent years for
State Form 5473 (after first year)
None
20.9) *
Credit above.)
mobile or manufactured home not assessed as real property.
1) must be resident of Indiana;
The lesser of the
2)on the date the statement is filed, owns or is contract purchasing real property, mobile
balance of the
or manufactured home not assessed as real property ;
mortgage or contract
3) property located in Indiana;
of indebtedness on
4) owes a debt secured by a mortgage or recorded contract on the real property or mobile
the assessment date
State Form # 43709 A new
or manufactured home not assessed as real property, which provides that the contract
of that year or one-
application must be filed
Mortgage(6-1.1-12-1)
None
buyer is to pay the property taxes;
half the assessed
whenever a loan on real estate is
value of the real
5) for real property, file during the year for which the deduction is sought and for mobile
refinanced.
property, mobile or
or manufactured homes not assessed as real property, file during the twelve months
manufactured home
before March 31 of the year for which the deduction is sought, if mailed the mailing
must be postmarked on or before the last day for filing;
or $3,000 whichever
is less.
6) contract buyer must submit copy of memorandum of the recorded contract, containing
a legal description with the first statement filed under this deduction.
1)on the date of filing, the person owns or is buying the real property, mobile or
manufactured home which is not assessed as real property under a contract that
provides buyer to pay taxes ;
2) individual is at least 65 by December 31st of the year preceding the application year;
3) combined adjusted gross income not exceeding $25,000;
4) the individual has owned the real property, mobile home, or manufactured home for at
State Form 43708
least one (1) year before claiming the deduction.
Internal Revenue Service Form
PARTIALLY - May not claim
5) assessed property value not exceeding $182,430;.
1040 for the previous calendar
any deductions other than
Over 65 (6-1.1-12-9)
$12,480
year.
6) Surviving, un-remarried spouse at least 60 years of age if deceased was 65 at the time
the Mortgage and the
This requirement includes
of death.
Homestead Deductions.
submitting the 1040 for the
7) the individual receives no other property tax deduction for the year in which the
applicant and all co-owners.
deduction is claimed, except the deductions provided by sections IC 6-1.1-12-1, IC 6-1.1-
12-37, and IC 6-1.1-12-38; and
8) the person:
1) owns the real property, mobile home, or manufactured home; or
2) is buying the real property, mobile home, or manufactured home under contract; on
the date the application for the deduction is filed.
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