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Old 10-01-2008, 07:43 AM
 
Location: Fishers, IN
6,485 posts, read 12,535,852 times
Reputation: 4126

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Quote:
Originally Posted by Crocostimpy View Post
Well ain't that a kick in the you-know-whats.
Yes, it is, but I'm sure that state would say it's the price Lake County taxpayers must pay for not adopting COIT.
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Old 10-01-2008, 06:07 PM
 
Location: Chicagoland area
554 posts, read 2,501,494 times
Reputation: 535
Thanks for the replies.

At first I was just looking at Merrillville, and I thought it had to do with Merrillville losing the mall to Hobart, so they had to up taxes to make up for lost revenue, but Hobart's taxes were pretty high too. Hopefully this tax cap works out soon
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Old 10-02-2008, 06:21 AM
 
Location: St. John, IN
33 posts, read 125,184 times
Reputation: 21
Ok, I'll bite. What's COIT? We just moved here in March so we don't know anything about anything.
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Old 10-02-2008, 07:38 AM
 
Location: Hoosierville
17,422 posts, read 14,642,907 times
Reputation: 11622
Quote:
Originally Posted by Crocostimpy View Post
Ok, I'll bite. What's COIT? We just moved here in March so we don't know anything about anything.
COIT = County Option Income Tax
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Old 10-03-2008, 06:38 AM
 
Location: St. John, IN
33 posts, read 125,184 times
Reputation: 21
Ok, so I've looked it up. 4.5% county tax to cover the 'loss' of funds if we were to get the 1% property tax cap. I did the math and that would be a royal screwjob if it were to happen. Sounds more like a threat to me. "You want your low property taxes? Ok fine. But here's another tax that's even worse. Bam!"

I did the math and if it were to happen that way I'd be paying twice what I'm expecting my property tax to go up by. And that's not even counting the county tax my wife would pay. I guess I'm better off with the higher property tax.

Oh, and are Lake County officials really elected for life? Or is was that sarcasm from the person writing the article?

A 4.5% Lake County Income Tax! | Region Life (http://tinyurl.com/4scaw3 - broken link)
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Old 10-03-2008, 08:03 AM
 
Location: Fishers, IN
6,485 posts, read 12,535,852 times
Reputation: 4126
Quote:
Originally Posted by Crocostimpy View Post
Oh, and are Lake County officials really elected for life? Or is was that sarcasm from the person writing the article?

A 4.5% Lake County Income Tax! | Region Life (http://tinyurl.com/4scaw3 - broken link)
I believe the blogger is referring to the Democratic machine in Lake County that seems to make Democratic county officials safe from being upset at the polls.
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Old 10-03-2008, 08:20 PM
 
2,888 posts, read 6,742,391 times
Reputation: 2147
Quote:
Originally Posted by Crocostimpy View Post
Ok, so I've looked it up. 4.5% county tax to cover the 'loss' of funds if we were to get the 1% property tax cap. I did the math and that would be a royal screwjob if it were to happen. Sounds more like a threat to me. "You want your low property taxes? Ok fine. But here's another tax that's even worse. Bam!"

I did the math and if it were to happen that way I'd be paying twice what I'm expecting my property tax to go up by. And that's not even counting the county tax my wife would pay. I guess I'm better off with the higher property tax.

Oh, and are Lake County officials really elected for life? Or is was that sarcasm from the person writing the article?

A 4.5% Lake County Income Tax! | Region Life (http://tinyurl.com/4scaw3 - broken link)

He's absolutely correct. (unfortunately) <sarcasm>
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Old 11-24-2008, 04:48 PM
pcg
 
98 posts, read 377,380 times
Reputation: 74
My tax bill is coming down. I have a $300+ home in Griffith. Taxes were around $5200 a year with both exemptions. They are going to be around $3800 now.

Compared to south Lake County the taxes here are reasonable. Compared to Illinois it's no contest. People with smaller homes than mine in Lansing are paying what I am paying in Griffith.
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Old 11-26-2008, 11:25 PM
 
1 posts, read 2,926 times
Reputation: 10
Exclamation Help...

Quote:
Originally Posted by domergurl View Post
That amount sounds high, but it's probably without exemptions. Unlike Illinois, Indiana has 2 exemptions that will cut the property tax ... one is the homestead exemption and the other is called the mortgage exemption (Miki? JulieL ... yes??). You need to double check if that amount was with or without exemptions before she chucks it.
Hi..I noticed you answered other questions regarding the taxes in indiana and wanted to ask you for some advice regarding the exemptions lake county offers. My husband and I purchased our home in Hammond in Nov 2003. Our lawyer at the closing was...could I say the title company and our lawyer in one. Well we never noticed that our taxes had gone up because our mortgage payment was still the same until last month oct. Our taxes went from $4000 to $7084. When I spoke to the assessor's office they told me that I didn't have any exemptions on my home. I told her that I thought that was taken care of because we've owned our home for 5 years now...and she told me to call the exemption office to apply. Well that doesn't kick in until 2010 and I now have a mortgage of $1900 that we cannot make. I was told that the title company where I did my closing should have told us what to do and where to go regarding the exemption application process BUT never did. I NEVER heard of homestead or mortgage exemptions...especially being that much of a difference. We moved from illinois and the most my parents would get was $300 - $400 in deductions...this is our first home and are desperate.
I called the closing lawyer and he said we should've known about the exemptions..and that it was our mortgage company's responsibility to warn us of any exemptions being our responsibility. I asked him what he was going to do about it..and hasn't called me back since. Is there anything that protects us? Or something that I can use as a backup to make my defense? I can't believe Indiana has exemptions for more than $2000!!! That's good for the people that are informed but what about the 'dummies' like me and my husband? I'm desperate.....can you help me???
I need to know what to say to this lawyer...or if there's anything he can do. Everyone I ask says that he should've notified us...giving us a form and telling us to go to crown point, in to our assessor's office..but nada. Can I sue him or something?? My mortage was $1384 and now $1912. If you know of anyone I can speak to please let me know....Thank you so much for your time and knowledge. Amada
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Old 11-27-2008, 08:37 AM
pcg
 
98 posts, read 377,380 times
Reputation: 74
amada09,

Your story is very typical of first time home buyers in Indiana.

There is really no recourse for not filling an exemption on time. Even if you were not told to do it. When I purchased my homes (I am living in my fourth home) in Indiana I can’t tell you how many times I was informed or reminded to file the exemptions. The bank, the title company and the realtor all said the same thing to me. "Don’t forget to go file for the exemptions". Maybe I was just lucky?

It is a screwed up way to handle the property taxes but that’s what it is. Did you file for them now? If not do it ASAP. And every time you refinance you have to refile. Is that screwed up?

Property taxes in Lake County Indiana will be going down soon. Try to weather through it as best you can. It will get better in the next year or two. Mine in Griffith have come down almost $1800 this year.

You can try talking to your lender about lowering your payment. They may agree to forgo the principal portion if you make the interest and escrow portions only. They may agree to that for short while. It won’t be much, but it might help. Lenders own (foreclosed) too many houses already, they may try to work something out with you if you ask.

Good luck
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