Mike Avila, Broker/Owner
http://www.SigRealty.net

voice 812-219-4829
fax 815.301.3197

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Bloomington IN real estate

Mike Avila
Broker / Owner
812-219-4829 cell / text

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REAL ESTATE FINANCES

Property Taxes

 

4/2/2010 - I waited until the day after April Fool's so you wouldn't think I was joking and choose to ignore this. Local county governments will send out a Homestead Verification Form, with your property taxes each of the next three years. It will be a pink form and noticeable. You must complete and return this form, otherwise effective 1/1/2013 you may be subject to losing your property tax homestead exemption and the resulting tax benefits. Contact me or go here for more information.

 

Three Monroe County offices ensure you receive your property tax statement every year. The assessor determines value. The auditor applies applies the various factors that will determine the dollar amount of your taxes. The treasurer is responsible for billing the property owner.

MONROE COUNTY ASSESSOR

Every year the assessor will send the property owner a Notice of Assessment of Land and Structures. Their opinion of the value of your land plus improvements equals the assessed amount. HOWEVER ... according to the assessor's office (per Feb 11, 2008, phone conversation), the assessor's goal is to have the total assessment equal to the property's market value. If they have $1 for the land value and $99,999 for the structures value, that is the same as having $20,000 for land and $80,000. As long as market value is $100,000, the assessor doesn't care if the property is valued at $1 land/$99,999 structures or $99,999 land and $1 structure, as long as the total is $100,000. The point for mentioning this is that the property owner has 45 days from delivery of the annual Notice of Assessment of Land and Structures to appeal the assessor's valuation. If you plan to appeal your assessment, it helps to know the rules of the game!

Would you like help filing your assessment appeal? Then contact Signature Realty Services. We will advise you on whether an appeal is feasible. If one is, Signature Realty Services can provide an estimate of annual tax savings. SRS can prepare your assessment appeal for a nominal fee.

MONROE COUNTY AUDITOR
The auditor certifies property owners and maintains property exemptions and deductions. If you are eligible, you may file homestead and mortgage exemptions with the auditor's office. Doing so will have the ultimate effect of reducing the amount of property taxes you pay annually. Other exemptions exist — veteran, handicap, etc. For a full list of exemptions, call the auditor's office of visit their web site.

MONROE COUNTY TREASURER

The treasurer will mail a tax bill annually to property owners. The bills, referred to as tax duplicates, come with two billing dates, usually May 10 and November 10 of each year. If the property tax is not paid by the due date, the property owner may be liable to pay a late fee. In more dire circumstances, the county may foreclose on the property and enter it into a sheriff's sale to recover the delinquent taxes.

Information on property taxes wouldn't be complete without two more topics. The Indiana Department of Local Government Finance oversees Indiana's 2,400 taxing units to implement property tax controls, verify budgets, levies, and tax rates for local txing units. Also, DLGF reviews new capital requests and financing methods for proposed projects ranging from new school construction to fire truck purchases — so just because a school board approves a $10 million palatial addition to your local high school doesn't mean it will be fully funded. DLGF must approve the project prior to work being started. DLGF is very powerful and every taxpayer should be familiar with how it functions within Indiana's government.

Lastly, there is currently a big push for property tax reform in the state of Indiana right now. The fundamental issue is that our systems of government are built for the 19th century and the state needs to bring itself into a 21st century way of running itself. For more information on property tax reform, follow this Google link with keywords of "Indiana property tax reform."

Do you have any questions about property taxes or the valuation of your property? Then contact Signature Realty Services! We'll be glad to help make sure you understand your property taxes in Monroe County, Indiana!

 


 

Signature Realty Services, LLC
Bloomington, Indiana

 

 

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