Marion County Tax question (Hope, Hamilton: rentals, mortgage, credit)

[travis2822]

Hopefully someone will be able to provide some insight.

I bought my house in Wayne Township in July of 07. The previous owner bought the house as a rehab project. There were no exemptions filed against the property since he didn't live in it.

My question is.......when will my exemptions be in affect. I am currently paying around $300 per month in property taxes. That is $3600 per year for a $110,000 assessed value house.

Any insight is very much appreciated.

[MikiJayne]

When you bought the house, your exemptions should have been filed by the title company, and they take about a year to kick in after that. The reason is because we pay taxes in arrears in Indiana, the tax payments are a year behind, so the newly filed exemptions will also be a year behind. Sorry I didn't have better news for you!

[ImGibby]

Originally Posted by MikiJayne

When you bought the house, your exemptions should have been filed by the title company, and they take about a year to kick in after that. The reason is because we pay taxes in arrears in Indiana, the tax payments are a year behind, so the newly filed exemptions will also be a year behind. Sorry I didn't have better news for you!

"Should have been"....not always. It's slipping my mind right now what the two exemptions are...one is the Homestead Credit but whats the other one??? One usually gets filed at closing, but in my experience I've always had to go to the assesors office or mail something in seperately to get the other one. I would call the assesors office and they should be able to confirm if you have filed for both or what you need to do.

[MikiJayne]

Homestead and mortgage are the most typical. There are also exemptions for veterans, old age, blindness, various earth-friendly systems that I can't think of right now too.

[domergurl]

In my county, the title company doesn't file them, I had to do it myself ... depends on the county. Hamilton County title companies file them for you.

We're in the same boat. Our house was a rental and therefore no exemptions were filed ... paid the whole hog this year, hoping for next year our taxes to be significantly lower.

[MikiJayne]

Domergurl, it depends where the HOUSE is, not where you close. If your title company is in Hendricks county, but the home is in Marion, they should still file for you... notice I keep using the work "Should". The buyer should always double check to be sure it was done.

[ImGibby]

Originally Posted by MikiJayne

Domergurl, it depends where the HOUSE is, not where you close. If your title company is in Hendricks county, but the home is in Marion, they should still file for you... notice I keep using the work "Should". The buyer should always double check to be sure it was done.

Exactly...I bought and closed on a house in Hamiliton County and they filed one for me and i had to go to the assessor's office and file the other myself. I think the mortgage exemption is the one they typically file for you, the Homstead you may have to take care of yourself. I think it may have to do with the title company, as well as where you close and where the house is??? But bottom line is you need to double check yourself. I'm thinking my first house I ever bought in marion county i had to mail something in AFTER I made my first mortgage payment to file for the homestead.

Domergurl, I'll have to double check, but I think I was allowed mortgage exemptions on all of my rentals, but you can only take the homestead on one...typically your primary residence, but I think you can claim it on whichever gives you the best deduction, so long as you you only file it for one property.

Edit>>>NM I think you were saying the house you "bought" was previously a rental???

[domergurl]

Nope, we asked the title company and they that they DO NOT file the exemptions for the homeowner. I'm talking about Bartholomew County. Right after we closed we checked withe the county and no exemptions were ever filed. I biked down to the county building and did it myself. No biggee .. got some exercise.

[gingerpcurry]

Most title companies do NOT file for you. They are however required by law to inform you of the credits and have you sign a paper stating that you did recieve information on them....oh!!! and you have until may 11 of each year to get them filed or you are stuck paying the full amount...

[MikiJayne]

Well, Gingerpcurry, actually the laws have just changed. Now, you have until December 31 to get those exemptions filed, and yes, the title company will file the Homestead exemption for you. This is as explained to me and my buyers at the past 3 closings I had.

The Title Companies we closed at all explained that the laws have recently changed, and they will file the Homestead, but you still have to go file your own mortgage exemption. Since you have to go anyway, you need to double check on your homestead while you are there just to be safe.

Thank you to Abstract & Title, Escrow & Title Services, and .... well, I can't think of that third one.