Marshall County Auditor Angie Birchmeier would like to remind taxpayers that the Mortgage Deduction will no longer apply in the 2023 payable 2024 property tax cycle.
Governor Eric J. Holcomb signed into law House Enrolled Act 1260-2022 that repeals the mortgage deduction effective January 1, 2023. Indiana bills a year in arrears, so this will mean that during the 2023 payable 2024 property tax cycle the mortgage deduction will not be applicable.
In lieu of the mortgage deduction, the General Assembly has increased the homestead deduction by $3,000. The homestead deduction amount for 2023 payable 2024 will be the lesser of 60 percent of the assessed value of the real property, mobile home not assessed as real property, or manufactured home not assessed as real property; or $48,000.
The supplemental homestead deduction will remain the same.
In Indiana, each county takes an annual snapshot of their county as of January 1 of every year for the next year’s tax cycle. Due to billing a year in arrears, if the property transfers to another party, the deductions may still be applicable until the next assessment takes place.
The application for the homestead deduction 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. Call 574-935-8555 with any questions or concerns.
