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Published on January 17, 2025
Major Tax Relief on Horizon for Indiana Seniors and Disabled Veterans with House Bill 1075Source: Indiana House Republicans

Hoosier seniors and veterans could be on the brink of receiving significant property tax relief if House Bill 1075 proceeds as planned. The bill, put forth by an Indiana legislator, aims to alleviate the financial strain of rising property tax bills on these valued community members. Notably, the bill's primary feature is introducing a 100 percent property tax credit for homeowners aged 65 and older, set to be phased in over five years beginning in 2026, culminating in the complete nullification of their property tax obligations by 2030.

Currently, as the housing market sees values ascending, seniors face the threat of being taxed out of their homes, which are often their largest asset and a repository of cherished memories. Captured by Indiana House Republicans, the bill's author states, "This credit would ensure those who paid off their mortgages will not be priced out of their homes because of rising property tax bills." The hope is that providing this financial cushion will aid senior homeowners in maintaining the stability they've earned over years of hard work and commitment to their communities.

Additionally, under HB 1075, the method by which homes are assessed for taxation purposes would undergo alteration. The intention is to lock in the assessed value at January 2025 levels or at the purchase price, which would shield homeowners from unpredictable tax increases, fostering an environment where they can plan their finances with greater certainty.

Beyond addressing senior citizens, the proposed legislation also extends its generosity toward veterans with disabilities, amplifying their property tax deduction over a five-year span from $24,960 to $50,000. Cited by Indiana House Republicans, the legislator explained their rationale: "Over a five-year period, this deduction will grow from $24,960 to $50,000, reflecting our gratitude for their service and sacrifice." This measure is seen as not just fiscal policy but recognition of the contributions veterans have made.