Indiana § 6-1.1-12-37.5 Supplemental deduction for homesteads

Indiana Statutes

§ 6-1.1-12-37.5 — Supplemental deduction for homesteads

Indiana § 6-1.1-12-37.5

Art. 1.1PROPERTY TAXES

Ch. 12Assessed Value Deductions and Deduction Procedures

This text of Indiana § 6-1.1-12-37.5 (Supplemental deduction for homesteads) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-1.1-12-37.5 (2026).

Text

5.

(a)A person who is entitled to a standard deduction from the assessed value of property under section 37 of this chapter is also entitled to receive a supplemental deduction from the assessed value of the homestead to which the standard deduction applies after the application of the standard deduction but before the application of any other deduction, exemption, or credit for which the person is eligible.

(b)This subsection applies to taxes first due and payable before January 1, 2026. The amount of the deduction under this section is equal to the sum of the following:

(1)For property taxes first due and payable:

(A)before January 1, 2024, thirty-five percent (35%);

(B)in 2024, forty percent (40%); and

(C)in 2025, thirty-seven and five-tenths percent (37.5%); of the assessed value

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5. (a) A person who is entitled to a
standard deduction from the assessed value of property under section
37 of this chapter is also entitled to receive a supplemental deduction
from the assessed value of the homestead to which the standard
deduction applies after the application of the standard deduction but
before the application of any other deduction, exemption, or credit for
which the person is eligible.
(b) This subsection applies to taxes first due and payable before
January 1, 2026. The amount of the deduction under this section is
equal to the sum of the following:
(1) For property taxes first due and payable:
(A) before January 1, 2024, thirty-five percent (35%);
(B) in 2024, forty percent (40%); and
(C) in 2025, thirty-seven and five-tenths percent (37.5%);
of the assessed value determined under subsection (a) that is not
more than six hundred thousand dollars ($600,000).
(2) For property taxes first due and payable:
(A) before January 1, 2024, twenty-five percent (25%);
(B) in 2024, thirty percent (30%); and
(C) in 2025, twenty-seven and five-tenths percent (27.5%);
of the assessed value determined under subsection (a) that is more
than six hundred thousand dollars ($600,000).
(c) This subsection applies to taxes first due and payable after
December 31, 2025. The amount of the deduction under this section is
equal to:
(1) the assessed value of property reduced by the deduction
amount under section 37 of this chapter for the property for the
particular tax year; multiplied by
(2) the following:
(A) Forty percent (40%) for taxes first due and payable in 2026.
(B) Forty-six percent (46%) for taxes first due and payable in
2027.
(C) Fifty-two percent (52%) for taxes first due and payable in
2028.
(D) Fifty-seven percent (57%) for taxes first due and payable in
2029.
(E) Sixty-two percent (62%) for taxes first due and payable in
2030.
(F) Sixty-six and seven-tenths percent (66.7%) for taxes first
due and payable in 2031, and each year thereafter.
However, the amount of the deduction under this section may not
exceed the amount equal to seventy-five percent (75%) of the gross
assessed value of the property.
(d) The auditor of the county shall record and make the deduction
for the person qualifying for the deduction.
(e) The deduction granted under this section shall not be considered
in applying section 40.5 of this chapter to the deductions applicable to
property. Section 40.5 of this chapter does not apply to the deduction
granted under this section.