Seniors Deadline Quickly Approaching

Originally posted 2008-12-15 05:07:16. Republished by Blog Post Promoter

December 31 is the deadline for qualified senior to file for two percent cap on his or her property taxes.   This credit is for seniors in Lake and Porter Counties in Indiana; however, the auditor’s offices in both counties are reporting low or limited interest by seniors.  I am sure this is because most seniors may not know about the need to apply for the credit. 

Under House Bill 1001, seniors will receive a tax credit if his or her adjusted gross income is no more than $30,000 or combined income of $40,000.  In addition, the gross assessed value of the home must be less than $160,000.

The Bill ensures that the qualified homeowner will not receive a property tax increase of more than two percent.  It is important to note that this credit is in addition to statewide property tax caps of 1.5 percent and 1 percent that is scheduled to take effect in 2009.

For example, if the assessed value is $100,000, the statewide cap for next year will result in a tax bill of $1,500.   The senior will enjoy a cap of two percent on his or her assessed value especially if the assessed value increases from one year to the next.

So seniors please apply if you qualify.

Indiana Property Tax Cap Vote on Tuesday

The first step in giving  Indiana citizens the right to determine how much property taxes will be paid in the state begins on Tuesday.    The Indiana House of Representative is voting on a cap of one percent of the assessed value for homeowners, two percent of the assessed value for investors, and three percent of the assessed value for business owners.    This vote is essential because if approved it will go to the Indiana Senate, and then to the public for a vote in 2010 to make it a permanent change to the state constitution.

With the approval of this groundbreaking measure, the residents will final be able to make local cities, towns, and municipalities responsible for wreckless spending that has been going on for decades.  No longer will there be endless amount of money on the back of the citizens of the state.

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