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Are your property tax exemptions filed correctly?

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Are your property tax exemptions filed correctly?

What are property tax exemptions?

If you’re a property owner, it’s in your best interest to be familiar with tax exemptions since they reduce the amount of tax you owe based on certain eligibilities. Most people will qualify for at least one of the common deductions like homestead, mortgage, or veteran exemptions, but there are also exemptions for making green updates to the home and other things like that. (If you’re curious about what other exemptions are out there, you can click here to see a list.)

Who should be checking exemptions?

While all property owners should check their tax exemptions yearly, only those that have purchased, sold, refinanced, or changed title to a property or parcel within the past calendar year should need to ensure the exemption is filed or re-filed. Some title companies will file these for you at closing (and we always make sure to ask about this for our clients), but it is still good practice to check that this has been done.

Why should you check or file these exemptions?

Well, let me answer that question with another question: do you like saving money? Of course you do, what a silly question. It’s a good homeowner habit to periodically check these exemptions to ensure something hasn’t changed or isn’t filed incorrectly.

When is the deadline to file exemptions?

The deadline to file property exemptions in the state of Indiana is December 31. Your exemptions will be applied to taxes owed from this year or payable in the next year.

How do I check my exemptions and file if needed?

For those in central Indiana, click on your county below to go to your local auditor’s site where you can usually pay or look up your current tax information on file. There you can also find contact information to reach the office directly for further assistance.

What if I don’t live in central Indiana?

Most state government sites will have information leading you to your local auditor’s website. Click here to find your state or territory’s government website.