How to Save Big with Over 65 Property Tax Deductions in 2024

Apply for Over 65 Property Tax Deductions

Discover Two Ways to Save on Your Property Tax Bill

Are you a property owner aged 65 or older in South Bend, Indiana? You could be eligible for significant savings on your property tax bill through two key programs: the Over 65 or Surviving Spouse Deduction and the Over 65 Circuit Breaker Credit. Even those buying on a recorded contract can benefit.

Over 65 or Surviving Spouse Deduction

With the Over 65 or Surviving Spouse Deduction, you can enjoy a reduction in your home's assessed value of either $14,000 or half the assessed value, whichever is less. This means a lower assessed value and, ultimately, a smaller property tax bill.

Eligibility Requirements:

• Age: Turned 65 or older by December 31 of the prior year.
• Surviving Spouse: If your spouse was 65 or older at the time of their death, you must be 60 or older and not remarried.
• Ownership: Own or be paying on a recorded contract for at least one year.
• Residency: Live in the property as your primary residence.
• Income: Combined adjusted gross income of $40,000 or less for the prior year, including the income of your spouse and all others who own or pay rent on the property.
• Assessed Value: Property assessed at $240,000 or less.
• Other Deductions: Must not be receiving other property tax deductions except for the mortgage, homestead standard and supplemental deductions, and the fertilizer storage deduction.

Over 65 Circuit Breaker Credit

The Over 65 Circuit Breaker Credit is designed to limit how much your property taxes can increase each year. With this credit, your taxes will increase no more than 2 percent annually.

Eligibility Requirements:

• Age: Turned 65 or older by December 31 of the prior year.
• Homestead Deduction: Must have qualified for the homestead standard deduction on the property this year and last year.
• Income: Adjusted gross income of $30,000 or less, or a combined adjusted gross income with your spouse of $40,000 or less.
• Assessed Value: Gross assessed property value of $200,000 or less on the homestead portion of the property.
• Ownership: Own, be buying on a recorded contract, or have a beneficial interest in the property.

Get Started

Don't miss out on these valuable savings opportunities. If you meet the eligibility requirements for either the Over 65 or Surviving Spouse Deduction or the Over 65 Circuit Breaker Credit, you can significantly reduce your property tax burden. For more information or to apply, contact the city-county offices or consult with a local real estate expert like Tim Vicsik at RE/MAX 100.

Tim Vicsik
RE/MAX 100
Tim@TimVicsik.com 
www.ND-Condos.com