State Form 46021 - Sales Disclosure Form - Indiana Page 8
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12INDIANA SALES DISCLOSURE FORM INSTRUCTIONS
Page 5
TABLE 1 – Deductions covered under the Sales Disclosure Form
Listed below are certain deductions and credits that are available to lower property taxes in Indiana for which the Sales Disclosure Form serves as application. Taxpayers may claim these benefits by filing a Sales
Disclosure Form or 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***
1) individual must own or be buying a homestead under contract which provides buyer is
A designated
to pay taxes;
percentage of net tax
bill *
2) with respect to real property, or a mobile or manufactured home that is not assessed as
real property, the individual must own the real property, mobile or manufactured home
(PL 146-2008 Sec.
not assessed as real property, or be buying under contract on the date the application
848 grants an owner
form is filed;
Sales Disclosure Form 46021 or
entitled to homestead
Homestead Credit (6-1.1-
State Form 5473
credit for 2007 pay
3)a taxpayer other than individual may apply for the credit if an individual uses the
None
20.9) *
Previous tax bill will facilitate
2008 an additional
residence as the individual’s principal place of residence, the residence is located in
filing.
homestead credit and
Indiana, the individual has a beneficial interest in taxpayer, taxpayer owns or is buying
section 849 gives
under recorded contract that requires taxpayer to pay taxes and the residence consists
those entitled to the
of a single family dwelling, including mobile and manufactured homes, and the real
standard deduction
estate surrounding the dwelling cannot exceed one acre;
for 2008 pay 2009 a
4) the Sales Disclosure Form is an application for the first year, but NOT subsequent years
homestead credit.)
for mobile or manufactured home not assessed as real property.
Until 12/31/08:
A person entitled to receive the homestead credit for taxes payable in the following year is
entitled to a standard deduction for the assessed value of the real property, mobile
$45,000
home or manufactured home that qualifies for the homestead credit. (See above).
Starting on January 1,
Law as of 1/1/09:
Sales Disclosure Form 46021 or
2009, the amount of
1) residential real property improvements located in Indiana that an individual uses as the
Homestead Standard
DLGF Form HC10 (State Form
the standard
individual’s principal residence, including a mobile or manufactured home not assessed
Deduction
5473). One form filed for both the
deduction is the
as real property;
(6-1.1-12-37(b))
Homestead Credit and the
lesser of: 60% of the
2) as of March 1, or in the case of a mobile home that is assessed as personal property, the
Standard Deduction.
assessed value of the
immediately following January 15, property must be owned , occupied by tenant-
real property or
stockholder of cooperative housing corporation, or under contract purchase that
$45,000.
provides that the buyer is to pay the property taxes;
3) consists of dwelling and real estate not to exceed one acre surrounding the dwelling;
4) one standard deduction per married couple or individual.
Equal to the sum of
the following:
(1) thirty-five
This deduction granted must
Supplemental Homestead
percent (35%) of the
not be considered in applying
Deduction (PL 146-2008
assessed value that is
the limits in IC 6-1.1-12-40.5.
A person who is entitled to a standard deduction from the assessed value of property
Sales Disclosure Form 46021 or
Sec. 116) (Effective on
less than six hundred
IC 6-1.1-12-40.5 states that
under IC 6-1.1-12-37 is also entitled to receive a supplemental deduction from the
DLGF Form HC10 (State Form
January 1, 2009 and
thousand dollars
the sum of the deductions
assessed value of the homestead to which the standard deduction applies after the
5473). One form filed for both the
applies to applying to
($600,000).
provided to an annually
application of the standard deduction but before the application of any other deduction,
Homestead Credit and the
property taxes first due
assessed mobile home or
(2) twenty-five
exemption, or credit for which the person is eligible.
Standard Deduction.
and payable in 2009 and
manufactured home may not
percent (25%) of the
thereafter.)
exceed one-half (1/2) of its
assessed value that is
assessed value.
more than six
hundred thousand
dollars ($600,000).
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