Did you buy a home in Indiana this year?
Have you filed for your tax exemptions if you did? IN INdiana you have the benefit of a tax break on property taxes if you file for certain exemptions.
The typical exemptions that nearly everyone qualifies for are "The Homestead Exemption" and "The Mortgage Exemption".
You qualify for "The Homestead Exemption" if the home is your primary place of residence.
You qualify for "The Mortgage Exemption" if you have a current mortgage on your home. This one is very interesting because you don't necessarily have to have a balance on your mortgage to qualify for the exemption. Many homeowners take out an equity line on their home when they don't have another mortgage, just to qualify for this exemption.
The tax savings can amount to a large sum of money. The exemption amount is taken off the assessed value of the property before the property taxes are applied to the home. Many homeowners reduce the value of their home for tax purposes by as much as $48,000.00.
A couple things you should know about these exemptions:
1) If you bought your home in 2009 you have until December 31, 2009 to file for the exemptions to have them apply in the following year.
2) If you refinance your home you must re-file for the Mortgage exemption.
It is easy to file. Take a phto ID (Drivers License) and your property address to the Auditors office in the county in which you are filing. Simply let the Auditor know you want to file for your exemptions. The clerks in the office will walk you through this process. It takes about 10-15 minutes. Sometimes there is a small fee (Like $1.00) charged by the Auditor to process your filing.
Once you file KEEP YOUR RECEIPT. It is the only proof you have that you did indeed file.
If you have questions about filing your tax exemptions in Indiana please give me, Bob Murphy, a call at 502-773-2564 or you can email me at Bob.Murphy@RealLiving.com
If you are in the market to buy or cell a home in Indiana or Kentucky I am licensed in both states.
Want to see my listings? Visit http://www.RealLiving.com/Bob.Murphy
