Sec. 7. The amount of the credit under this chapter is equal to the greater of zero (0) or the result of:

(1) the property tax liability first due and payable on the qualified individual‘s homestead property for the calendar year (excluding any property tax liability imposed in a voter approved referendum levy); minus

Terms Used In Indiana Code 6-1.1-49-7

  • homestead: refers to a homestead that has been granted a standard deduction under Indiana Code 6-1.1-49-1
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • qualified individual: means an individual who:

    Indiana Code 6-1.1-49-3

  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) the result of:

(A) the property tax liability first due and payable on the qualified individual’s homestead property for the immediately preceding year after the application of the credit granted under this section for that year (excluding any property tax liability imposed in a voter approved referendum levy); multiplied by

(B) the sum of:

(i) the percentage adopted in an ordinance under section 4(c)(3) of this chapter, expressed as a decimal; plus

(ii) one (1).

However, the credit provided by this chapter shall not apply to any portion of property tax liability imposed on a qualified individual’s homestead property that is used for trade or business purposes in connection with the production of income. In addition, the credit does not affect the allocation of taxes to a referendum fund.

As added by P.L.95-2023, SEC.1.

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