The Evelo Team just wants to send all of our clients a friendly reminder that you have until the end of this month to file your mortgage tax deduction and your homestead deduction for any home that you purchased or refinanced this year in Hamilton County. The mortgage tax deduction will save you thousands, so please don't forget to do this and end up with an overwhelming tax bill!

Here are the details for the mortgage deduction and the homestead credit per Hamilton County Auditor's website:

Mortgage Deduction - $3,000.00 deducted from the assessed value of property. Property owners must be paying off a recorded mortgage with a principal balance of $3,000.00. Bring in the settlement statement, or a copy of the mortgage, if possible, when applying for the deduction. Anyone who has refinanced since the last filing must refile for the deduction. Refiling must also be done by anyone who has placed a property in trust.  When submitting forms via mail, please include your Closing Date and Day Time Phone Number.  

Homestead Credit - $45,000.00 standard deduction and up to 20% deducted from the gross tax amount. Taxpayers are eligible for homestead credit on their principal residence only. The same documentation will work as for mortgage deduction. When submitting forms via mail, please include your Closing Date and Day Time Phone Number. 

Over 65 age Deduction - A value of $12,480 deducted from the assessed value of the property if all tenants are 65 by December 31, 2010. Property owners must reside on the property or be in a nursing home. Applicants must earn less than $25,000 adjusted gross income, combined with their spouse or other indivisuals on their deed.  Applicants should bring thier income tax return when filing.  The assessed value of all properties cannot exceed $182,430. 

For other deductions, please visit http://www.hamiltoncounty.in.gov/services.asp?id=2236.

You can file the property tax deduction at the Hamilton County Auditor's Office or at the Township Assessor's Office where you reside. Click on this link to find addresses, phone numbers, etc. for your township. http://www.hamiltoncounty.in.gov/services.asp?id=7055

Please call The Evelo Team with any questions about these deductions or with any Real Estate questions by calling 317-863-4663 or by emailing at Team@EveloTeam.com. Also, we would be happy to provide you information in the surrounding counties, so please let us know how we can help.