In this post we explain everything you need to know about how to file for your Lake County Indiana homestead property tax deduction. As you may know, in Lake County Indiana, if you do not have the homestead deduction, then your property tax cap is 2% of assessed value plus “voter approved projects” (such as a school referendum.) With a homestad exemption your tax cap is 1% of assessed value plus voter approved projects. So, having the homestead exemption will save you just about half the amount you would pay for property taxes without the exemption.
As a quick story of a friend who forgot about filing for their homestead exemption – i was helping them get ready to sell and in that process have to lookup their taxes, and saw that they never applied for the homestead exemption, and over the years they lived in that house, ended up paying about $30,000 in taxes that they weren’t required to if they filed their homestead exemption.
As of 2023, the mortgage deduction has gone away. The homestead deduction was increased to offset removal of the mortgage deduction.
Lake County Indiana (and most all counties) have a number of deductions that you may also qualify for. The Auditor’s website pag that discusses the available deductions can be found here, and the County’s PDF document discussing the various deductions is here. The list of available deductions include:
Generally speaking, no – you will not be able to get money back or a credit back for not filing for a deduction that you qualified for. If you did file and the County did not apply the deduction, you can get that money back if you have proof that you successfully applied for and that county approved the deduction application.
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