08/03/2016
We frequently receive inquiries about the OVER 65 TAX DEDUCTION. The following criteria will help you determine if you qualify for this exemption:
1. Adjusted gross income of the applicant and the applicant's spouse or the applicant and all joint tenants or tenants in common with whom the applicant owns or is buying the property cannot exceed $25,000 in the preceding year. For the Over 65 Circuit Breaker Credit, the adjusted gross income limits are $30,000 for individuals and $40,000 for married couples.
2. To receive the Over 65 Deduction, the applicant can receive no property tax deductions other than the Mortgage Deduction, the Homestead Standard and Supplemental Homestead Deductions and the Fertilizer Storage Exemption.
3. To receive the Over 65 Deduction, the assessed value of the property must be $182,430 or less. The over 65 Circuit Breaker Credit is not available if the assessed value of the homestead portion of the property is at least $160,000.
4. For the Over 65 Deduction, the applicant may be a surviving, un-remarried spouse, at least 60 years of age on or before December 31 of the year preceding the year in which the deduction is claimed, provided the decedent was at least 65 years of age at the time of death. The surviving spouse must otherwise satisfy the eligibility requirements for the deduction.
For answers to your questions call 812-897-6110. Have a blessed day!
