How to save on your Indiana Property Taxes!
Okay, this may seem pretty obvious to some of you but many Hoosiers are making a tragic mistake by ignoring property tax exemptions that could lower their tax bills by hundreds even thousands of dollars each year!
Did you file your Homestead and Mortgage exemptions with your County after you purchased your home? Did you re-file for them after your last refinance?
Indiana Property taxes are based on an assessed value that each county applies to your property. Commercial, investment and primary use properties are taxed at different rates but there are property tax exemptions that could even further reduce the amount of tax you owe each year.
The HOMESTEAD and MORTGAGE exemptions are the two most common.
The HOMESTEAD exemption is allowed on your primary residence and only on one property you own. This exemption could reduce your taxes by 30-40%.
The MORTGAGE exemption is allowed on a property you own that has a mortgage lien against it. This exemption isn’t quite a big but will still reduce your overall tax amount. These are the most common property tax exemptions and odds are you should have them.
There are other Indiana Property Tax Exemptions you may qualify for as well.
Over 65, Blind, Disabled, Veteran Totally Disabled, Veteran Partially Disabled, Veteran WW1, Spouse Veteran WW1, Solar, Wind, Hydroelectric & Geothermal.
Click here for the official state form that explains each of the exemptions in more detail.
Every time you make changes to your mortgage (refinance, add or remove someone on title) the property tax exemptions have to be filed for again. The deadline is December 31st to file for property tax exemptions that will apply to the following year’s taxes.
You do not have to file for these exemptions every year, only after you make the above changes.
Okay, now that you see the benefit of these property tax exemptions, let’s talk about how to get your hands on them. Every county in Indiana has different procedures in applying for these exemptions. In some counties you will have to physically go to the County Assessors office, Courthouse or other specified location to apply for these exemptions. Some counties have a website where they can be filed online and some counties will allow for the Title Company to file for them on your behalf.
If you’re not sure if you have all of the exemptions you qualify for then you should contact someone in your county to check. Calling a local title company should get you some contact information if you’re not sure who to talk to.
Good luck!The 2 Mortgage Guys Licensed Indiana Residential Mortgage Advisors