FAQ - November Video - Questions - Answers ~ Video Blog

Should I List my Home during the Holiday Season

We hope you find this short 2 minute video helpful with a couple of questions we are asked this time of year!

Should I list my Home During the Holidays?  If my home is listed during the holiday season... should I decorate for the season?

Watch our video for answers!

Don't Forget to File Your Exemptions by December 31st!

Did you buy a home or refinance your mortgage this year?  

If so... DON'T FORGET to file your property tax exemptions by December 31, 2016! If exemptions aren’t filed, your property taxes could go up substantially.  Which could/will cause your mortgage payment to go up if you escrow your property taxes.

At your closing, (purchase or refinance) there is a lot of paperwork going back and forth.  One of the most important is a state-required, bright yellow form you received with your closing paperwork.  This form is gone over briefly to explain the benefits of property tax exemptions.

There are many, many exemptions, however the two exemptions the majority of homeowner's qualify for are the Homestead Exemption and the Mortgage Exemption.

The Homestead Deduction - Your Biggest Deduction!

Basically the homestead exemption means you own your home, it is your primary residence.  It cannot be filed on a rental home or vacation property.  Your Homestead Deduction is by far the most valuable as it provides the largest deduction to your property taxes. Most of the time your homestead deduction is now filed for you at closing through the sales disclosure, by the title company.  But we recommend you verify it has been filed! 

With a homestead deduction, your primary residence property taxes will be capped at 1% of the assessed value per year.
Without a homestead deduction (rental property, etc.), your residential property will be capped at 2% of the assessed value per year.
Out buildings and other structures are taxed at 3% of the assessed value per year.

The mortgage exemption is the second most common deduction.  This deduction is available to any homeowners who has a mortgage attached to their property.  This form is most likely was not filed on your behalf  at closing, therefore it  must be filed by you.  This must be done on or before December 31st in order for the deduction to be in effect for the following year’s property taxes.

Mortgage Exemption must be filed if you refinanced in 2016!  

Exemptions do not need to be re-filed each year.  Once they’re in place they do not fall off!
But IF you refinanced your home, you MUST re-file your mortgage exemption.  If you change how you hold  title, for example: add or remove someone from title, change the last name of someone on title, you will also need to be re-file your mortgage exemption.


Additional exemptions


In addition to the homestead and mortgage exemptions, there are many more deductions you may qualify for...

Examples:

Over 65 – If you are over 65 and have a combined adjusted gross income of $25,000 or less
Disabled – If you are blind or disabled and have an individual taxable gross income of $17,000 or less
Disabled Veteran – You have served in U.S. Military and are disabled

For the full list of available exemptions CLICK HERE

For Tax Exemption Info from IN.gov website CLICK HERE

FIND YOUR COUNTY AUDITOR & OTHER GOVERNMENT OFFICES  CLICK HERE


What to bring if you file exemptions in person:

When filing your mortgage exemption in person, be sure to bring your drivers license and have an approximate amount of the balance owed on your loan.  Also make sure that it has been at least 30-days since closing as the deed must be recorded an in your name before you can file an exemption.  We suggest to file around the time you make your first mortgage payment.  If you close in the month of December, we suggest you go to the auditors office in person as close to the end of the year as you can and file.
 
ALWAYS  get and keep the receipt! 

Your receipt  is your only proof that you have filed these exemptions.  Without it you don't get the benefit of the doubt!






If you have any questions regarding exemptions - please do not hesitate to give us a call!