Homeowners warned of potential deduction loss - 13 WTHR Indianapolis

Homeowners warned of potential deduction loss

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INDIANAPOLIS -

Indiana homeowners who've let homestead deductions expire without refiling will receive notices soon warning they could lose the tax break.

Indiana Department of Local Government Finance spokeswoman Jenny Banks tells The Indianapolis Star that homeowners who received the deduction previously but haven't submitted new forms will get notices of the potential loss and how to reinstate the deduction.

The deduction is $45,000 on houses with assessed values over $90,000 or 60% of gross assessed valuations under $90,000. A supplemental deduction gives homeowners an additional 35% of the remaining assessed value.

The state is requiring homeowners to certify they're eligible for the deduction so it can create a database ensuring no one receives more than the single credit allowed for primary residences. Vacation homes and rentals aren't eligible.

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