In continuation of the tax deduction series, Marshall County Auditor Angie Birchmeier would like to remind taxpayers of the requirements for the Over 65 and Over 65 Circuit Breaker deductions.
Indiana Code states the requirements for those Over 65. The applicant must own or be buying real property or a mobile or manufactured home and be at least 65 in the year preceding the deduction claim and occupying the property.
The Adjusted Gross Income cannot exceed $30,000 for an individual who files a single tax return or $40,000 for joint filers. In addition, the Assessed Value of the property cannot exceed $240,000.
Any surviving, unmarried spouse, who is at least 60 qualifies if their deceased spouse was 65 at the time of death may also qualify. The deduction cannot be denied due to an individual being absent from the property due to being hospitalized or in a nursing home.
The Over 65 Deduction will be the lesser of one-half of the assessed value of the property or $14,000. If a property is already receiving Homestead Deduction, the Over 65 may not reflect if the total deductions are at least one-half of the assessed value.
The Over 65 Circuit Breaker Credit has similar qualifications, although the Assessed value of the property cannot exceed $200,000.00. This deduction does not qualify for surviving, unmarried spouses.
The Over 65 Circuit Breaker prevents property tax liability on qualified homestead property from increasing by more than 2% over the previous year’s tax liability.
If claiming this deduction, you may not claim any other deduction apart from the Homestead and Fertilizer Storage deductions.
The application for the Over 65 and Over 65 Circuit Breaker must be completed by December 31 before the year the taxpayer wishes to claim the deduction. The deduction paperwork must be filed with the Auditor’s office.
The Marshall County Building is open to the public from 8 a.m. to 4 p.m. Monday through Friday.
Residents are welcome to call 574-935-8555 with any questions or concerns.
