2019 is quickly coming to a close. Metropolitan Title wants to give Indiana homeowners the information they need to best prepare for State Property Taxes. We know how important the timing for these notices are to you. Here is what you need know to keep you and your property in compliance with the state and your county.
Say you bought your house during the 2019 calendar year. Your settlement agent likely filed for a homestead deduction when you closed on the house. We advise that you ensure your application was accepted by the Auditor before the end of the year.
Let’s say that you’re still in the process of buying your home. If you close on your house by December 31, you have until that date to file for the homestead deduction. the mortgage exemption can be filed if the mortgage is dated by December 31 and filed with the Auditor by January 6, 2020.
For anyone who took out a new mortgage or refinanced your mortgage after January 1, 2019, you are eligible to file for a mortgage deduction, but this must be done by December 31, 2019 to be accepted.
If your marital status has changed—whether you got married or divorced—there are some things to know. If you get married and you want to continue to receive the homestead deduction for your property, you must reapply for the deduction. Even if your spouse’s name is not on the deed, you will need to disclose your spouse’s name and a copy of their valid identification when filing for a homestead exemption. If you divorce and you want to continue to receive the deduction, you need to reapply for the deduction, as well. Please call your county auditor to confirm the timelines and if the exemptions have been placed on record for the 2019-20 tax year.