FAQs - Details
Question
I refinanced my mortgage. I was told that I had to refile my Homestead deduction. Is this true?
Answer
No, a refinance will not affect your homestead deduction.
In the past, with a refinance a new mortgage deduction application would have been required for you to maintain the mortgage deduction. However, beginning in 2023 (taxes payable in 2024) the State of Indiana no longer offers the mortgage deduction; it was previously lowering the taxable assessment by 3,000. Please note with this change, the homestead standard deduction is increasing from 45,000 to 48,000. So ultimately you are still receiving the savings, but it is no longer due to a mortgage or recorded contract as it is due to your property being your primary residence.
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