(800) 853-2651
SHOP NOW

indiana property taxes

A

Anonymous-0

Well-known Member
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 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.
 
(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.
Click to expand...

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.
 
(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.
Click to expand...

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.
 
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
 
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
 
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
 
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.
 
"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
 
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.
 
that's right, up to 45,000 and then after they take off the deduction, they apply the 1% HOMESTEAD rate. seems like it would be fairly easy to communicate on the bill, at the top in bold black letters...IF YOU LIVE IN THIS HOUSE, CONTACT US AND FILE FOR THE HOMESTEAD EXEMPTION, WHICH WILL LOWER YOUR BILL. i'm sure this would get the point across much better than the big bold black letters they have printed on the current bills now.
no where did i say it automatically cuts your bill in half. in my daughter's case though, it will be reduced by over half. we paid cash for a cheap little repo home for her and she pays us installments for it.
 
if you hadn't filed the homestead exemption, you would be billed at 2% of appraised value. since you filed, they deducted either 60% of appraised value, or $45,000, whichever is cheaper, and then bill you 1% on what was left. fairly significant amounts!
 
You must log in or register to reply here.

Similar threads

W
what do I need
Replies
11
Views
605
warddog
W
C
Red power hay making tractor?
Replies
7
Views
800
jwal10
J
Geo-TH,In
Solar Energy: property taxes and net metering
Replies
11
Views
328
Vito
Vito
D
Property Taxes?
2 3 4
Replies
70
Views
1K
Greg1959
G
D
Looking for a JD 40 in Arkansas
Replies
9
Views
891
used red MN
U
Tractor Parts Tractor Manuals

We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.

Copyright © 1997-2024 Yesterday's Tractor Co.

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy

Back
Top