If you own your home and haven't yet submitted your homestead verification form, time is running out for you to take advantage of a tax credit that could save you hundreds of dollars.
Homeowners have through Dec. 31 this year to complete and submit the rose-colored form, which was mailed with May and November tax bills sent between 2010 and 2012. Those who don't submit the document in time could risk losing out on a major credit on their property tax bill. Some homeowners can cut their property tax bill in half simply by filing for the credit.
"The standard deduction is the lesser of 60 percent of the assessed value of the real property, or $45,000," said Jenny Banks, spokeswoman for the Department of Local Government Finance (DLGF). "It's a valuable deduction. It's definitely something people want to take advantage of."
While the tax savings can be significant, they're only for the homeowner's primary residence. It is a violation of state law for homeowners to try to claim the credit on other properties they own. The verification forms are an attempt by the state to limit such tax fraud. Each county tracks its own records individually; but the state will have a secure database to allow assessors to check for multiple deductions in different counties.
If you're not sure you've submitted the form, you can check with your county auditor's office.
"Some counties have the form online and you can submit right then," Banks said. "The county auditor can also provide information on how to get a form if they can't find it or don't have it."
Taxpayers who miss the Jan. 1 deadline will be notified by their county auditor's office that they could lose the deduction. They can still submit the paperwork, though some counties will likely require it to be submitted in person. Rules will vary by county.
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http://www.indystar.com/apps/pbcs.dll/article?AID=2012212220304
Homeowners have through Dec. 31 this year to complete and submit the rose-colored form, which was mailed with May and November tax bills sent between 2010 and 2012. Those who don't submit the document in time could risk losing out on a major credit on their property tax bill. Some homeowners can cut their property tax bill in half simply by filing for the credit.
"The standard deduction is the lesser of 60 percent of the assessed value of the real property, or $45,000," said Jenny Banks, spokeswoman for the Department of Local Government Finance (DLGF). "It's a valuable deduction. It's definitely something people want to take advantage of."
While the tax savings can be significant, they're only for the homeowner's primary residence. It is a violation of state law for homeowners to try to claim the credit on other properties they own. The verification forms are an attempt by the state to limit such tax fraud. Each county tracks its own records individually; but the state will have a secure database to allow assessors to check for multiple deductions in different counties.
If you're not sure you've submitted the form, you can check with your county auditor's office.
"Some counties have the form online and you can submit right then," Banks said. "The county auditor can also provide information on how to get a form if they can't find it or don't have it."
Taxpayers who miss the Jan. 1 deadline will be notified by their county auditor's office that they could lose the deduction. They can still submit the paperwork, though some counties will likely require it to be submitted in person. Rules will vary by county.
...
http://www.indystar.com/apps/pbcs.dll/article?AID=2012212220304
