Exemptions

Putnam County Property Owners - please review the following important changes to current deductions/exemptions available to property owners effective January 1, 2025:

Over 65 credit - $150

  • Credits will be applied to the individual’s property tax liability after the application of tax credits but before the application of any other credits
  • Income requirements have been raised to $60,000 adjusted gross income for a single tax filer and $70,000 adjusted gross income for married tax filers.  Applicant(s) must provide the most recent two years of tax returns or the most recent social security award letter if you do not file a tax return
  • Assessed value cap has been removed
  • Residency requirement has been removed
  • Restrictions on claiming certain other deductions have been removed
  • Deduction will be converted to a tax credit for the tax year 2025 that will be payable in 2026


Blind/Disabled credit - $125

  • No income limitation
  • Credits will be applied to the individual’s property tax liability after the application of tax credits but before the application of any other credits
  • Assessed value cap has been removed
  • Residency requirement has been removed
  • Restrictions on claiming certain other deductions have been removed
  • Deduction will be converted to a tax credit for the tax year 2025 that will be payable in 2026


Disabled Veterans Deduction -  unchanged

 

Geothermal, solar energy, wind, hydroelectric powered systems deductions -  all expired

 

The homestead standard deduction will phase out over the next 5 years as follows:

$48,000 – for 2025 assessment date (taxes payable in 2026)

$40,000 – for 2026 assessment date (taxes payable in 2027)

$30,000 – for 2027 assessment date (taxes payable in 2028)

$20,000 – for 2028 assessment date (taxes payable in 2029)

$10,000 – for 2029 assessment date (taxes payable in 2030)

$0- for assessment dates after December 31, 2029


The supplemental deduction will increase over the next five years as follows:

40% for 2025 assessment date (taxes payable in 2026)

46% for 2026 assessment date (taxes payable in 2027)

52% for 2027 assessment date (taxes payable in 2028)

57% for 2028 assessment date (taxes payable in 2029)

62% for 2029 assessment date (taxes payable in 2030)

66.7% for pay 2031 and each year thereafter

 

 

For a complete, detailed explanation of the exemption changes/updates, please see Indiana Code Title 6 Article 1.1 Property Taxes as further guidelines and restrictions may apply. 



For exemption needs, please contact the tax department at 765-653-5513, option 1. Or their direct contact information is:


     Kindria Martin at 765-653-5513 Extension 228 or

email is kindria.martin@co.putnam.in.us


     Jody Cope at 765-653-5513 Extension 231

or email is jody.cope@co.putnam.in.us