Thursday, March 18, 2010

Be sure you have all your property tax deductions filed!!!!

You can reduce your property taxes or maintain your lower property taxes by ensuring you have all eligible deductions filed.

There are deductions and credits available to homeowners. 

Applications need to be filed during the year in which the deduction is sought in order to be effective for when the taxes will be due and payable the following year.  This may sound strange, but property taxes in Indiana are paid in arrears - so the taxes you are paying this year are actually for the previous year.

The most common deductions are the Homestead Standard Deduction and the Mortgage Deduction, but there other deduction you may be eligible that have to do with age, disabilities, military service and energy efficiency.

I have attached a link to a pdf file that spells out the available deductions, the amounts, elegibility requirements and forms needed.

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