Homeowner Deductions

A reminder that all Homeowner Deductions must be signed and postmarked by midnight tomorrow (December 31st).  A few more things to know about the deductions:

1.  If you have refinanced, or have had a deed change you will need to re-file your deductions.

2.  A taxpayer cannot receive the same deduction on multiple properties.

3.  The deductions need to be filed with the County Auditor’s office.  Some Counties offer online filing, and some do not.

A few of the deductions available to homeowners are:

  • Homestead Deduction
  • Mortgage Deduction
  • Over 65 Deduction
  • Blind or Disabled Person Deduction
  • Totally and Partially Disabled Veteran Deduction
  • Solar Energy Deduction
  • Wind Power Device
  • Hydroelectric Power Device
  • Geothermal Device

Of all of the deductions listed above, the Homestead Deduction can have the largest impact on your real estate tax bill. This deduction assists the Assessor’s office in determining which of the tax rates you fall under. For example with the Homestead Deduction you will likely fall into the 1% tax cap, where if you do not have the deduction you may be classified under the 2% tax cap.

Start 2011 off right and make sure you get those deductions filed!

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