Q: In 6-1.1-12-13, I am confused about the verbiage. If I get a 500k home, does that mean I'm taxed as if its a 475k home?
Or is it, if I owe a grand total of 30k in property taxes each year, I would only have to pay roughly 5k? This is Indiana Code law
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A:
In Indiana, under the statute 6-1.1-12-13, a property tax deduction is provided for certain individuals. If you purchase a $500,000 home, this deduction would reduce the assessed value of your property by $25,000. This means your home would be taxed as if it were valued at $475,000 instead of $500,000.
Regarding the overall tax amount you owe, it’s important to understand that the deduction affects the assessed value, not the total tax bill directly. So, if your annual property taxes amount to $30,000, the deduction doesn’t mean you only pay $5,000. Instead, the reduced assessed value of $475,000 would be used to calculate your property taxes, likely lowering the total amount you owe.
To get a precise figure, you should check the specific tax rate for your area and apply it to the adjusted assessed value of your home. This will give you a clearer picture of your annual property tax obligation after the deduction.
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