How Governor Braun Says He's Providing Property Tax Relief to...
Here’s How Governor Mike Braun Says He’s Providing Property Tax Relief to Hoosier Veterans
INDIANAPOLIS–Indiana Governor Mike Braun signed a bill into law on Wednesday that he says will protect Hoosier taxpayers, strengthen transparency, and expand property tax relief for Hoosier veterans.
The bill he signed is known as HEA 1210.
“Protecting last year’s property tax relief for Hoosiers is critical and with HEA 1210, we have taken steps to keep the foundation strong. And now it’s time to build on that foundation to see what else can be done to make life more affordable for Hoosier families. Kitchen table conversations about the household budget are getting harder. Hoosiers need more relief,” said Braun.
The new law says totally disabled veterans are eligible for a 100% deduction of the assessed value of their homestead, meaning they will not owe property taxes on their primary residence. The benefit also applies to eligible surviving spouses who do not remarry.
The law also creates new property tax credits for eligible veterans, including a $350 local property tax credit for wartime veterans with at least a 10% service-connected disability and a $250 local property tax credit for veterans age 62 or older with at least a 10% disability. Eligible surviving spouses may also qualify. These credits are stackable for a total possible savings of $600 for veterans.
Braun’s administration says this bill is estimated to return $46.2 million per year to disabled veterans through expanded deductions and new property tax credits.
“HEA 1210 also requires property tax statements to include educational information about available deductions and credits, including veteran deductions, veteran credits, and senior credits, so Hoosiers have clearer information about the relief they may be eligible to receive,” said Braun.
