Form Hc10 - Claim For Homestead Property Tax Credit/standard Deduction July 2007 Page 2
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2NOTICE OF HOMESTEAD CREDIT
IC 6-1.1-20.9
The homestead credit has been enacted to allow a property tax credit for each qualified homestead. Read carefully the qualifying guidelines below:
"Dwelling" means residential real property improvements which an individual uses as his residence, including
DEFINITIONS:
house and garage, or a mobile / manufactured home that is not assessed as real property that an individual
uses as the individual’s residence.
"Homestead" means an individual's principal place of residence in Indiana as of March 1 of the year
with respect to which the credit is claimed that:
(1)
The individual (or an entity such as a corporation, in which the individual has a beneficial interest)
either owns or is buying under contract recorded in the County Recorder's office that provides that
the individual (or the entity) is to pay the property taxes on the residence; and
(2)
Consists of a dwelling and land, not exceeding one acre, that immediately surrounds the dwelling.
WHO MAY QUALIFY:
As described in the definition of "homestead", the individual residence owner or contract buyer or the entity that
owns the residence or is buying it under contract.
No portion of a residential dwelling which is income producing is eligible for the homestead credit, such as, but not limited to: one half a duplex side,
or rented apartment which is a part of the structure, a beauty shop or crafts shop in one or two rooms of the structure, a dry cleaners or electronics
shop beneath an apartment; an auto repair shop in the garage.
WHEN TO FILE:
Real property:
This claim must be filed in duplicate during the twelve (12) months before June 11 of the year prior to the first year for which
the person wishes to obtain credit. The application applies for that first year and any succeeding year for which the credit
is allowed.
Mobile homes (IC 6-1.1-7) and manufactured homes not assessed as real estate
The twelve (12) months before March 31 of the year the deduction is to be effective.
HOW TO FILE:
Forms must be filed at the County Auditor’s office in the county where the homestead is located. If an individual desires
to have the receipt returned, he must provide a self addressed, stamped envelope to the County Auditor’s office.
Only one individual may receive a credit for a particular homestead in a particular year. The portion above the “Signature
of owner” must be completed in full before credit will be considered.
DISALLOWANCE OF MULTIPLE CLAIMS:
The County Auditor may not approve a claim if:
(1)
The individual, for the same year, claims the credit on two (2) or more different statements;
and
(2)
The statements claim the credit for different property.
CHANGE OF USE PENALTY:
An individual who changes the use of his real property and fails to file a certified statement with the auditor of
the county notifying him of the change of use within sixty (60) days after the date of the change is liable for the
amount of the credit he was allowed for that real property.
AMOUNT OF CREDIT:
The amount of the credit is 10% of the individual's residential property tax liability. This credit is in addition to
the state property tax replacement credit. The homestead property tax credit percentage may be increased by
the Property Tax Replacement Fund Board at its sole discretion.
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