Fillable State Form 46021 - Sales Disclosure Form (Page 8 of 13) in pdf

INDIANA 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. 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.

Applications for deductions against real property must be filed during the year in which the deduction is sought to be effective for taxes payable in the following year. The filing deadline for deduction applications for

mobile homes and manufactured homes that are not assessed as real property is the twelve months before March 31, unless noted below.

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.

Note: The Sales Disclosure Form is not an application for the Homestead, or any other relevant deductions, for an annually assessed mobile or manufactured home.

APPLICATION FORM AND

RESTRICTIONS WHEN

DEDUCTION

MAXIMUM AMOUNT

VERIFICATION (PROOF)

COMBINING WITH OTHER

(Indiana Code)

ELIGIBILITY REQUIREMENTS

REQUIRED

DEDUCTIONS**

1) Residential real property improvements (including a house or garage) located in

Indiana that an individual uses as the individual’s principal residence, including a

mobile or manufactured home not assessed as real property;

The lesser of:

2) On the assessment date (March 1, or in the case of a mobile home that is assessed as

personal property, the immediately following January 15) or any date in the same year

(1) sixty‐percent

Sales Disclosure Form 46021 or

after an assessment date, the individual or entity owns; is buying under a contract that

(60%) of the

DLGF Form HC10 (State Form

Homestead Standard

provides that the individual is to pay the property taxes; is entitled to occupy as a

assessed value of the

5473). One form filed for both the

Deduction

tenant stockholder of a cooperative housing corporation; or is an individual as

real property, or

Homestead Standard Deduction

(6‐1.1‐12‐37)

described in IC 6‐1.1‐12‐17.9 and the residence is owned by a trust as described in IC

and Supplemental Homestead

(2) forty five

6‐1.1‐12‐17.9;

Deduction.

thousand dollars

3) Consists of dwelling and real estate not to exceed one acre surrounding the dwelling;

($45,000).

4) One standard deduction per married couple or individual.

Note: Homestead does not include property owned by a corporation, partnership, limited

liability company, or entity not described in IC 61.11237.

Equal to the Sum of

the Following:

(1) thirty‐five

percent (35%) of the

This deduction must not be

Supplemental Homestead

assessed value that is

considered in applying the

An individual who is entitled to a homestead standard deduction from the assessed value

Sales Disclosure Form 46021 or

Deduction

less than six hundred

limits in IC 6‐1.1‐12‐40.5,

of property under IC 6‐1.1‐12‐37 also is entitled to receive a supplemental homestead

DLGF Form HC10 (State Form

thousand dollars

(Effective on January 1,

which states that the sum of

deduction from the assessed value of the homestead to which the standard deduction

5473). One form filed for both the

($600,000).

2009 and applies to

the deductions provided to

applies after the application of the standard deduction but before the application of any

Homestead Standard Deduction

property taxes first due

an annually assessed mobile

(2) twenty‐five

other deduction, exemption, or credit for which the individual is eligible.

and Supplemental Homestead

in 2009 and thereafter.)

home or manufactured home

percent (25%) of the

Deduction.

may not exceed one‐half

assessed value that is

(6‐1.1‐12‐37.5)

(1/2) of its assessed value.

more than six

hundred thousand

dollars ($600,000).

* Any unused portion after application to residence property applies next to personal property and lastly as Excise Tax Credit on either motor vehicle excise tax (IC 6‐6‐5‐5) or aircraft license tax (IC 6‐6‐6.5).

** The sum of the deductions provided to a mobile home or to a manufactured home that is not assessed as real property may not exceed one‐half (1/2) of the assessed value of the mobile home or manufactured

home. (IC 6‐1.1‐12‐40.5)

State Form 46021 - Sales Disclosure Form Page 8

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