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Overview

Indiana 43709 Sample

File Mark

STATEMENT OF MORTGAGE OR CONTRACT INDEBTEDNESS FOR DEDUCTION FROM ASSESSED VALUATION

State Form 43709 (R5 / 4-03)

Prescribed by Department of Local Government Finance

County

Township

Year

INSTRUCTIONS:

To be filed in person or by mail with the County Auditor of the county where the property is located.

Filing Dates: 1) Real Property: During the 12 months before May 11 of the year the deduction is to be effective.

2)Mobile Homes assessed under IC 6-1.1-7: Between January 15 and March 2 of the year the deduction is to be effective. See reverse side for additional instructions and qualifications.

Applicant (owner or contract buyer - see restrictions on reverse side)

Taxing District

Key number / legal description

Record number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page number

 

 

 

 

 

 

 

 

 

 

Assessed value of real property as of

Mortgage / Contract indebtedness unpaid as of

Is the applicant the sole legal or equitable

March 1, current year

March 1, current year

 

owner?

 

Yes

 

No

 

 

 

 

 

 

 

 

 

 

 

If no, what is his / her exact share of interest?

If owned with someone other than spouse, indicate with whom.

If name on record is different than that of applicant, indicate below:

Is the property in question:

 

 

 

Real Property

 

Mobile Home (IC 6-1.1-7)

 

 

 

 

 

 

 

 

 

 

Name of mortgagee or contract seller

 

 

 

 

 

Address of mortgagee or contract seller (number and street, city, state, ZIP

Name of assignee or other owner or holder of mortgage

Address of assignee (number and street, city, state, ZIP code)

Does applicant own property in any other county in Indiana?

If yes, what county?

What Taxing District?

Has this deduction been requested on property for current year? Yes No

COUNTY AUDITOR

Deduction approved in the amount of:

20 ______

20 ______

20 ______

20 ______

20 ______

20 ______

20 ______

Signature ________________________________ County Auditor

Date

I / We certify under the penalty of perjury that the above and foregoing information is true and correct and that the applicants was / were a resident of Indiana and owner of the aforementioned property on March 1, 20 ______.

Signature (owner's full name)

Person authorized by duly executed Power of Attorney

 

or by IC 6-1.1-12-.07

 

 

Full resident address of applicant

Address of authorized person

 

 

RECEIPT FOR FILING STATEMENT OF MORTGAGE OR CONTRACT INDEBTEDNESS

Name of applicant

Date filed

 

Name of mortgagee or contract seller

Amount of indebtedness

Taxing District

Key number / legal description

Signature ____________________________ County Auditor

 

 

Instructions and Qualifications

Applicants must be residents of the State of Indiana.

Applications must be filed during the periods specified. Once the application is in effect, no other filing is necessary unless there is a change in the status of the property of applicant that would affect the deduction.

This application may be filed in person or by mail. If mailed, the mailing must be postmarked before the last day for filing.

Any person who willfully makes a false statement of the facts in applying for this deduction is guilty of the crime of perjury and on the conviction thereof will be punished in the manner provided by law.

The deduction equals $3,000, one-half of the assessed value of the property, or the balance of the mortgage or contract indebtedness as of the assessment date, which ever is least.

Authority for signing a deduction application may be delegated only by an executed power of attorney or by IC 6-1.1-12-.07.

Signature of only one spouse is required for filing, when owner is a husband and wife as tenants by the entireties.

An Indiana resident who was a member of the United States Armed Forces and who was away from the county of his residence as a result of military service during the time of filing must file a claim for deduction during the twelve months before May 11 of the year next succeeding the year of discharge.

A contract buyer must submit a recorded copy or recorded memorandum of the contract, which contains a legal description with the first statement filed for this deduction.

File Characteristics

Fact Name Description
Form Purpose This form is used to declare mortgage or contract indebtedness for a deduction from assessed property valuation in Indiana.
Filing Authority It is prescribed by the Indiana Department of Local Government Finance.
Filing Location Submit the form to the County Auditor where the property is located, either in person or by mail.
Filing Dates for Real Property Real property filings must occur within 12 months before May 11 of the year the deduction is effective.
Filing Dates for Mobile Homes Mobile homes must be filed between January 15 and March 2 of the year the deduction is to be effective.
Eligibility Applicants must be residents of Indiana and must own the property as of March 1 of the current year.
Deduction Amount The deduction equals the lesser of $3,000, half of the assessed value, or the balance of the mortgage or contract indebtedness as of the assessment date.
Power of Attorney Authority to sign the application may only be delegated through an executed power of attorney or under IC 6-1.1-12-.07.
Perjury Warning Providing false information on this form can lead to charges of perjury, which is a serious offense under Indiana law.
Contract Buyer Requirements A contract buyer must submit a recorded copy or memorandum of the contract with the first statement filed for this deduction.

Essential Points on This Form

What is the Indiana 43709 form used for?

The Indiana 43709 form is a Statement of Mortgage or Contract Indebtedness. It is used to request a deduction from the assessed valuation of real property or mobile homes in Indiana. This deduction can help reduce property taxes based on the amount of mortgage or contract indebtedness.

Who can file the Indiana 43709 form?

Only residents of Indiana can file this form. The applicant must be the owner or contract buyer of the property. If the property is owned jointly, the applicant must indicate their share of interest. A spouse can sign on behalf of both if the property is owned as tenants by the entireties.

When should the Indiana 43709 form be filed?

The filing dates vary depending on the type of property:

  1. For real property, the form should be filed during the 12 months before May 11 of the year the deduction is to be effective.
  2. For mobile homes assessed under IC 6-1.1-7, the filing period is between January 15 and March 2 of the year the deduction is to be effective.

What information is required on the form?

Applicants must provide various details, including:

  • Assessed value of the property as of March 1 of the current year
  • Unpaid mortgage or contract indebtedness as of March 1 of the current year
  • Name and address of the mortgagee or contract seller
  • Any other properties owned in Indiana
  • Confirmation of whether this deduction has been requested for the current year

What happens if the information provided is false?

Providing false information on the Indiana 43709 form is a serious offense. It is considered perjury, and anyone found guilty may face legal consequences as outlined by law. Accuracy is crucial when completing the form.

How is the deduction calculated?

The deduction amount is determined by the least of the following:

  • $3,000
  • One-half of the assessed value of the property
  • The balance of the mortgage or contract indebtedness as of the assessment date

Can the form be submitted by mail?

Yes, the Indiana 43709 form can be filed by mail. However, it must be postmarked before the last day for filing. If filing in person, it can be submitted directly to the County Auditor.

What documentation is needed for contract buyers?

Contract buyers must submit a recorded copy or a recorded memorandum of the contract along with the first statement filed for this deduction. This documentation should include a legal description of the property.

Misconceptions

Understanding the Indiana 43709 form can be challenging, and several misconceptions often arise. Here are some of the most common misunderstandings regarding this important document:

  • Misconception 1: The form can be filed at any time during the year.

    • In reality, the Indiana 43709 form must be filed within specific timeframes. For real property, it needs to be submitted during the 12 months leading up to May 11 of the year the deduction is to take effect.

  • Misconception 2: Only homeowners can apply for this deduction.

    • This form is also available to contract buyers. However, they must provide a recorded copy or memorandum of the contract that includes a legal description of the property.

  • Misconception 3: Filing by mail is not an option.

    • The form can be filed either in person or by mail. If mailed, it is crucial that it is postmarked before the filing deadline.

  • Misconception 4: The deduction amount is fixed and does not vary.

    • The deduction amount is not static. It equals the lesser of $3,000, one-half of the assessed value of the property, or the remaining mortgage or contract indebtedness as of the assessment date.

  • Misconception 5: Only one signature is needed if the property is owned by a couple.

    • When the property is owned by a husband and wife as tenants by the entirety, only one signature is required for the application.

  • Misconception 6: The applicant must be the sole owner of the property.

    • If the applicant is not the sole owner, they must indicate their exact share of interest on the form. This detail is essential for the processing of the application.

  • Misconception 7: The form does not require any proof of residency.

    • Applicants must certify that they are residents of Indiana and have owned the property in question as of March 1 of the assessment year. This certification is a critical part of the application process.

  • Misconception 8: Once filed, the deduction remains in effect indefinitely.

    • Once the application is approved, it remains in effect unless there is a change in the property status or the applicant's situation that would affect the deduction. In such cases, a new application may be necessary.

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