The most important deduction to file is the homestead deduction. The homestead deduction is the biggest savings as it causes your home to be taxed at 1% of the assessed value rather than the 2% tax rate assigned to investment properties, therefore it is a 50% savings on the base tax! While you are at it you should apply for the mortgage deduction also, although it is not worth nearly as much. There are also property tax deductions in place for veterans and those over 65 years of age. To see all the possible property tax deductions in Indiana, click here.
You need to re-file for your property tax deductions any time you change the title on a property. For example, if you refinance your mortgage, or add or subtract a name from your deed (in the event of a divorce, marriage, or death) you must re-file for both your homestead and mortgage exemptions.
If you bought a home or refinanced your mortgage this year, your title company should have filed for the homestead deduction with your local county’s auditors’ office. Still, it is your responsibility to check to ensure you receive the maximum benefit. We recommend that you double-check before December 20 (the deadline to apply is December 31st). And if you need assistance, we are here for you every step of the way!
Where you should check on this information depends on what county your home is in. Some counties offer ways to check online; others, you must call the county auditor’s office for more information.
Find your county below:
- Marion County, 317.327.4646
Click here (https://www.indy.gov/activity/search-current-deductions-on-your-property) to check your homestead of mortgage deduction status using your address online. On your file you will see the “Deduction Information” section showing the active deductions. If Homestead or Mortgage aren’t listed then scroll down to the “Learn About Other Deductions” section to apply for them. Again Homestead is the most important!!
- Hamilton County, 317.770.4424
Click here (https://secure2.hamiltoncounty.in.gov/propertyreports/index.aspx) to check your deduction status online. After you type in your address, click the property link and click on the “Ownership Information” tab. Then on the right side of the screen, click “Current Deductions.”
- Hendricks County, 317.745.9300
Click here (http://hcapps.co.hendricks.in.us/DataWarehouse/ParcelSearch.aspx) to search by Name, Address, or Tax ID Number online.
- Boone County, 765.482.2940
- Hancock County, 317.477.1105
- Henry County, 765.529.2800
- Madison County, 765.641.9419
Filing for tax exemptions saves homeowners a lot of money during tax time, so let us know if you have any questions on this important step. We are happy to get you pointed in the right direction.