Have you heard? Indiana House Enrolled Act 1260 will eliminate the Mortgage Deduction beginning in 2023 for property taxes payable in 2024. This is one of several deductions and credits available to reduce a taxpayer’s property tax liability.
What does this mean for you? The Mortgage Deduction typically lowered the assessed value of a property by $3,000. Instead, the Homestead Deduction will increase from $45,000 to $48,000 starting with property taxes payable in 2024.
As we move closer to the effective date, look for the Department of Local Government Finance (DLGF) to provide a new exemption form, commonly referred to as the goldenrod form, and soon there will be no need to file for a Mortgage Exemption.
Stay tuned for further details! If you have any questions, feel free to reach out to our team at Near North.
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