Property tax bills in Pulaski County were mailed out last week and you may be concerned with the absence of a homestead credit you won’t see on line 4b of your statements.
The state homestead credit has been phased out statewide. On March 14th, 2008, the Indiana General Assembly passed the property tax reform bill House Enrolled Act (HEA) 1001-2008. One component of the bill was a change in the way state property tax relief is delivered.
Beginning with 2008-pay-2009 property taxes, the State permanently assumed school and welfare costs formerly paid from property taxes in exchange for a phase-out of the property tax credits offered in the past. This lowered the property tax rate but also reduced the amount of credits given. This credit has been phased out over the past three years, so property tax bills will have likely changed in 2009, 2010, and 2011 in part as a result of this phase-out. For homesteads, the phase-out of the state homestead credit becomes complete for 2010-pay 2011 property taxes. This credit is reflected on Line 4b of your tax statement.
You should still be receiving both the homestead standard deduction and the homestead supplemental deduction. The sum total of all deductions is indicated on Line 2a of your tax statement. Each deduction is also itemized in Table 5 of the tax statement. These are the deductions you are confirming by completing the pink verification form.