Over 65 Credit (New to taxes in 2027)
IC 6-1.1-51.3-1
The Over 65 Credit is applicable to property owners at least 65 years old, have owned property for at least 1 year, and meets the below Federal Income Tax income requirements. The credit is equal to $150.
Ownership Type Scenarios | Federal Income Adjusted Gross Income Maximum to Qualify |
Individual, files a single return | $61,680 |
Married, files a joint return | $71,960 |
Multiple Owners, multiple returns | Combined adjusted gross income $71,960 |
*A credit may be claimed by a surviving spouse of a 65-year-old, if the surviving spouse is at least 60 years of age and not remarried.
*If individuals share ownership as joint tenants or tenants in common and not all tenants are over 65, the credit will be reduced.
Over 65 Circuit Breaker Credit
IC 6-1.1-20.6-8.5
The Over 65 Circuit Breaker Credit will prevent property tax liability from increasing more than 2% more than the previous years. The credit is applicable to property owners at least 65 years old, qualifies for the homestead, and meets the below Federal Income Tax income requirements.
Ownership Type Scenarios | Federal Income Adjusted Gross Income Maximum to Qualify |
Individual, files a single return | $61,680 |
Married, files a joint return | $71,960 |
Multiple Owners, multiple returns | Combined adjusted gross income $71,960 |
Age 65 Deduction & Circuit Breaker Credit Deduction Application