On February 1, 2023, Commissioner Wesley R. Bennett of the Indiana Department of Local Government Finance announced the update of Indiana Property Tax Benefits Form 51781 (Cx14885).
The main changes are:
- Increase of the Homestead Standard Deduction (IN Code § 6-1.1-12-37) from $45,000 to $48,000;
- Removal of the Mortgage Deduction (IN Code § 6-1.1-12-1 & 2) row from the Deductions Table;
- Addition of the Fertilizer & Pesticide Storage Deduction (IN Code § 6-1.1-12-38) row in the Deductions Table; and
- Removal of the paragraph under the section entitled “Special note regarding members of the armed forces” concerning filing an application for missed deadlines (IN Code § 6-1.1-12-3 & 4).
These changes in Cx14885 – IN Property Tax Benefits will take effect on February 22, 2023. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.