Standard deduction for homesteads
Sec. 37. (a) Each year a person who is entitled to receive the
homestead credit provided under IC 6-1.1-20.9 for property taxes
payable in the following year is entitled to a standard deduction from
the assessed value of the real property, mobile home not assessed as
real property, or manufactured home not assessed as real property
that qualifies for the homestead credit. The auditor of the county
shall record and make the deduction for the person qualifying for the
deduction.
(b) Except as provided in section 40.5 of this chapter, the total
amount of the deduction that a person may receive under this section
for a particular year is the lesser of:
(1) one-half (1/2) of the assessed value of the real property,
mobile home not assessed as real property, or manufactured
home not assessed as real property; or
(2) thirty-five thousand dollars ($35,000).
(c) A person who has sold real property, a mobile home not
assessed as real property, or a manufactured home not assessed as
real property to another person under a contract that provides that the
contract buyer is to pay the property taxes on the real property,
mobile home, or manufactured home may not claim the deduction
provided under this section with respect to that real property, mobile
home, or manufactured home.
As added by P.L.332-1989(ss), SEC.10. Amended by
P.L.240-1991(ss2), SEC.47; P.L.6-1997, SEC.57; P.L.291-2001,
SEC.142; P.L.192-2002(ss), SEC.32.
Last modified: May 28, 2006