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Property tax deductions available

Monday, September 10, 2007

Putnam County Auditor Stephanie Campbell announced that Governor Mitch Daniels took action to help more homeowners get property tax relief in 2008.

The governor directed counties to accept homestead deduction and credit applications from now to Oct. 15 for those who previously missed the filing deadline this year.

To be eligible for a homestead deduction in 2008, persons must be the owner of their primary residence as of March 1, 2007. The deadline to file for a homestead deduction and credit in 2007 was June 10. Those who filed by then need not do so again.

Campbell stated, "Exemptions that have been filed prior to June 10 and after that date do not need to re-file."

Deductions will reduce the assessed value (taxable value) of the homeowner's property. The reduction in the assessed value will result in a reduction of property taxes being paid by the homeowner.

Property tax deductions available to property owners are: Homestead standard deduction-homestead credit, mortgage deduction, over 65 age deduction, blind deduction, disability veteran deduction, solar energy heating or cooling systems deduction, wind power device deduction, hydroelectric power device deduction and geothermal device deduction.

"The easiest way for property owners to place money back into their pockets is through the filing of deductions that are available to each property owner," stated Campbell.

"Each deduction has certain requirements that must be met and the auditor's office is here to serve and assist the public," she added.

The standard homestead deduction reduces the taxable value of a home occupied by its owner by as much as $45,000 in 2008 while the homestead credit reduces the amount of taxes owed. The application for the homestead deduction and credit are filed with the county auditor.

Legislation approved and signed by the governor provides for an additional $300 million in state provided property tax relief this year and $250 million more in 2008. Those who missed the June 10 filing deadline but meet the Oct. 15 deadline will now be eligible for this 2008 property tax relief they otherwise would have missed.

Campbell encourages all property owners to review their property tax statement to verify the tax deductions they currently receive.

More information is available at the Auditor's office located on the second floor of the Putnam County courthouse or call 653-5513. The Auditor's office is open Monday through Friday from 8 a.m. to 4 p.m.



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