Exemption Filing Deadline Fast Approaches

By Jeff Neumeyer

November 29, 2010 Updated Nov 29, 2010 at 8:09 PM EDT

ALLEN COUNTY, IN (Indiana's NewsCenter) --- Indiana homeowners should be paying close attention to the approach of the New Year, especially senior citizens.

That's the advice of the Allen County Auditor's Office.

We're talking about taking advantage of property tax exemptions that help lower your bill.

If you've recently purchased a home, or refinanced a mortgage, you need to make sure you've filed for your homestead credit before December 31st.

It can cut your property tax bill in half.

But if you're over 65, there are other exemptions out there that you might not be as familiar with.

Seniors can deduct up to $12,480 from the gross assessed value of the home that is their primary residence, provided those seniors meet certain income guidelines.

They may also qualify for an "Over 65 Circuit Breaker" credit that limits any increase to their tax bill in a given year.

But it doesn't matter, if you don't file for the exemption.

Tera Klutz/(R) Allen County Auditor-Elect: " My concern is a lot of times, when people turn 65, they don't retire, they continue to work until age 68, age 70, and then they're not thinking about the over 65 credit, so when their income is actually low enough to meet the eligibility requirements, that's out of their mind."

To qualify for the over 65 credit, your adjusted gross income cannot exceed $30,000 for an individual, or $40,000 for a married couple filing jointly.

Click on the link to find out more about exemptions and deductions you might be able to capitalize on.

What are your thoughts CLICK HERE to leave us a "QUESTION OF THE DAY” comment.

© Copyright 2016, A Quincy Media broadcasting station. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.