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indiana property taxes

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bobbyboywestcentIN
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PostPosted: Fri May 10, 2013 2:53 pm    Post subject: indiana property taxes Reply to specific post Reply with quote

are you fellow hoosier property tax payers aware of the homestead exemption? if you live in the home you are paying taxes on, your bill could be reduced by half or more. the state has not communicated this very well.
 
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WGM
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PostPosted: Fri May 10, 2013 3:06 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

You must be the only one not aware of it
 
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Dean
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PostPosted: Fri May 10, 2013 4:05 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

I know of no one that is not aware of this.
 
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bobbyboywestcentIN
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PostPosted: Fri May 10, 2013 4:23 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

so if you paid cash for and moved into a home that was apparently a former rental, you would have known to go fill out a form to get the homestead exemption? my daughter didn't. no one told her. i never looked at her bills of course, and it never occured to me to tell her anything. i don't remember doing anything to get the exemption on my house. it was just always there. the state automaticlly bills you at the RESIDENTIAL rate of 2% instead of the 1% HOMESTEAD rate.
like i said, poor communication by the state.
 
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atlarge54
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PostPosted: Fri May 10, 2013 4:34 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

[quote="bobbyboywestcentIN"](quoted from post at 01:23:06 05/11/13) so if you paid cash for and moved into a home that was apparently a former rental, you would have known to go fill out a form to get the homestead exemption? my daughter didn't. no one told her. i never looked at her bills of course, and it never occured to me to tell her anything. i don't remember doing anything to get the exemption on my house. it was just always there. the state automaticlly bills you at the RESIDENTIAL rate of 2% instead of the 1% HOMESTEAD rate.
like i said, poor communication by the state.[/quote

I don't know if it's possible to go back and get a refund. I know when I moved I had a couple homestead exemptions before they cracked down. I also got nearly $3000 property tax refund when I discovered an improper assessment of agricultural land. They needed all the past receipts and copies of the checks used to pay taxes for the previous three years. KEEP ALL YOUR PROPERTY TAX RECEIPTS----it's not the govt's job to keep records, so I was told.
 
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Ed the wine farmer
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PostPosted: Fri May 10, 2013 8:01 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

Go to PTCC and look at what we are doing in Penna. Ed
 
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Deere Scotty
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PostPosted: Fri May 10, 2013 9:01 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

That sounds like our state! I am closer to Indy.
 
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JML755
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PostPosted: Sat May 11, 2013 4:02 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

bobbyboywestcentIN wrote:
(quoted from post at 18:53:17 05/10/13) are you fellow hoosier property tax payers aware of the homestead exemption? if you live in the home you are paying taxes on, your bill could be reduced by half or more. the state has not communicated this very well.


So how was the state supposed to know your daughter DIDN'T know about this? How did YOU not know about it? I'm sure it's on the state's website. It's not like they're hiding it. What happened at closing? Was it handled by a realtor? Lawyer involved? My point is this: Don't blame the state of Indiana for it.
 
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TonyIN
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PostPosted: Sat May 11, 2013 5:34 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

We found that out years ago, somewhat the hard way too.
But here's another to watch for -
when you refinance, I think you need to fill it out again. Just missed a year because they (and my wife) cannot find the little 1/8 page slip of paper she filled out when we refi'd.

Good luck

Tony
 
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George Marsh
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PostPosted: Sat May 11, 2013 5:36 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

Don't think my homestead exemption reduces my taxes by half.

If you get a home equity loan, you can have a tax ememption same as if you still had a morgate. It's good for 15 years.

My taxes went down $500 for the year. Still over $7000.

What I like is our taxes are somewhat fixed, after they were doubled in a 5 year period.

There is a 1%, 2% and 3% tax sturcture depensing of some formula. If you have a business building it's 3%. Homes are 1%. Anything that you don't have a homestead exempt, like farm land I THINK IS 2%. Most of what I have is 2%.

George
 
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Mark - IN.
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PostPosted: Sat May 11, 2013 10:44 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

I don't know how long its been around and kind of remember and don't remember filing the first time, but got a notice in the mail late last year that it was going to expire at the end of last year, first of this year unless I refiled, so I refiled. What does it save me? I don't recall.

Mark
 
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D beatty
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PostPosted: Sat May 11, 2013 6:44 pm    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

That reduction your talking about is based on how much you make and your age. Here in LaPorte county they claim they are fazing out the homestead credit.
 
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Buzzman72
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PostPosted: Sun May 12, 2013 4:51 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

That would be the mortgage exemption, which is different from the homestead exemption.
 
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Buzzman72
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PostPosted: Sun May 12, 2013 5:02 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

"If you own a home or are buying on a recorded contract, and use it as your primary place of residence, your home and up to one acre of land could qualify for a homeowner's deduction. The deduction is either 60% of your assessed valuation or $45,000, whichever is less. The homestead credit amount equals up to 25% (17% state and 8% county) of your gross tax according to current Indiana Code (IC 6-1.1-20.9), depending upon your taxing district.

If you have a deed change at any time, you must reapply for this deduction."

More information is available at the link:
Indiana Code 6 1.1 20.9

 
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WGM
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PostPosted: Sun May 12, 2013 6:22 am    Post subject: Re: indiana property taxes Reply to specific post Reply with quote

The homestead exemption doe NOT automatically but your tax bill in half. It is up to a $45,000 deduction off you assessed valuation. And in my part of Indiana the counties do a pretty good job getting this kind of information out to taxpayers as I"m sure, was your county.
 
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