Property taxes can seem quite mysterious to new landowners as well as individuals who have never owned property. In truth, they are fairly straightforward. In this post, we’ll discuss tips for paying your Indiana property taxes and answer some common questions about that process.
When Are Property Taxes Due?
If you’ve recently become a landowner in the state of Indiana, you may be wondering when you need to plan to pay your property taxes. Indiana has a system in which properties are assessed by January 1st. The taxes for 2016 will be due on May 10th and November 10th, 2017.
Typically, when you purchase a home, the closing statement taxes are paid for the current year, so you shouldn’t owe property taxes until the following May. This isn’t always the case, so that’s one of the first questions you should ask when buying property.
What Happens if I Don’t Pay My Property Taxes?
If you want to continue to own your property, you must pay your property taxes – or the state will sell it for you. If you get behind by three payments, your property will be sold in a tax sale. That can be a very bad situation.
If you’re escrowing your property taxes (paying your lender an amount each month to cover your property taxes and insurance), make sure they are getting paid. After all, if those taxes don’t get paid, you’re the one who stands to lose your house. Some people take a “set it and forget it” attitude when it comes to escrowing property taxes, but ignoring them can be dangerous. You can check your county treasurer or assessor’s website or call them to make sure that property taxes have been paid.
Indiana Property Tax Help
Do you have questions about property tax management? The tax experts at Baker Retirement & Wealth Management PC can help. Our experienced team is happy to help you find answers.
We’re here to help Hoosiers navigate the nuances of personal finance. Becoming a landowner can change your personal taxes quite drastically, so it’s always good to have a resource that you can rely on. The Baker team has been offering tax preparation and other financial services in the greater Evansville area for almost thirty years.
You’re welcome to bring your finance questions to one of our four office locations (Evansville, Owensville, Boonville, or Newburgh) or contact us by calling 1-866-244-3517.Talk to a CPA for Free