The advantages of homeownership are many. Besides owning your home and making it all that you would dream it to be, there are financial implications as well. Property taxes are based on assessed value, and whether the home is owner-occupied or an investment property, or a commercial property or farm. Understanding exemptions that apply to your tax bill will save you money. Typically our collaborating partners at title companies file these on behalf of home buyers. Then it is up to the new homeowner to verify that the exemptions are on file in the new owner's name, and to also file further exemptions that the new owner may qualify for. Some counties make this easy and accessible through online portals. Allen County Indiana is one such county. If exemptions are not filed, or there is an error in filing, the tax bill will adjust and the homeowner will not have recourse until the subsequent year. I urge you, if you have bought a home in the last 365 days, to contact the county auditor by telephone and verify the exemptions are in place in your name.
- January 14, 2016
- January 2016 (1)