Example of Bannock County Property Tax Calculation
Bannock County calculates property taxes based on the assessed value of the property. For example, if a home is assessed at $200,000, and the current tax rate is 2%, the property taxes would be $4,000 per year. The county also takes into account any applicable exemptions or deductions, such as a homeowner's exemption or a senior citizen's exemption. These exemptions can lower the overall tax amount owed. The property owner will receive a bill for their property taxes annually, and they have the option to pay the full amount at once or in installments. It is important to remember that property tax rates and exemptions can vary by county and state.
If you want appeal your property tax assessment - contact your local tax assessor.
Bannock County Property Tax Rates
The Bannock County Property Tax rates for the year 2021 are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $0.7699 |
| Commercial | $2.4790 |
| Agricultural | $0.9254 |
| Personal Property | $3.5953 |
It is important to note that these rates are subject to change each year and may vary depending on the specific location within Bannock County.
Who sets property tax rates in Bannock County ?
Property Tax Rates in Bannock County
In Bannock County, property tax rates are determined by the Board of County Commissioners. This happens annually during a public meeting held in August. The board sets the tax rates for various taxing districts within the county, including the county itself, cities, schools, and other local government entities.
Once the tax rates are set, property owners in Bannock County will receive a notice from the County Assessor's office indicating the assessed value of their property and the corresponding tax amount owed. Payment is due in two equal installments, with the first due in November and the second in May of the following year.
It's worth noting that property tax rates can vary from year to year and even from one part of the county to another. Property owners can check with the County Assessor's office or visit the county's website to stay informed about any changes to property tax rates in their area.
Homestead exemptions in Bannock County ?
To better understand the Homestead exemptions and deductions in Bannock County, Idaho, let's take a closer look at the table columns below:
| Column | Description |
|---|---|
| Exemption | A specific amount of property value that is excluded from taxes |
| Eligibility | The criteria that must be met to qualify for the exemption |
| Amount | The dollar amount of the exemption or deduction |
| Notes | Additional information or requirements regarding the exemption or deduction |
Now, let's explore the various Homestead exemptions and deductions available in Bannock County:
-
Property Tax Reduction for Widows/Widowers/Disabled Veterans
- Exemption: $145,400
- Eligibility: Widow or widower of a veteran who was 100% disabled or died from a service-related cause, or a veteran who is 100% disabled due to service-related causes
- Notes: Must provide documentation from the VA or Social Security Administration to prove eligibility.
-
Property Tax Reduction for Persons with Disabilities
- Exemption: $100,000
- Eligibility: Persons with a permanent disability as defined by the Social Security Administration or state law
- Notes: Must provide documentation from the Social Security Administration or a medical professional to prove eligibility.
-
Property Tax Reduction for Senior Citizens
- Exemption: $50,000
- Eligibility: Individuals who are 65 years of age or older
- Notes: Must provide proof of age and residency.
-
Property Tax Reduction for Surviving Spouses
- Exemption: $50,000
- Eligibility: Surviving spouse of a person who previously qualified for the senior citizen exemption
- Notes: Must provide proof of eligibility and residency.
-
Personal Property Exemption
- Exemption: $100,000
- Eligibility: All homeowners
- Notes: This exemption applies to personal property such as furniture, appliances, and other items that are not considered real property.
-
Homeowner’s Exemption
- Exemption: $100,000
- Eligibility: All homeowners
- Notes: This exemption applies to the assessed value of a person's primary residence.
-
Circuit Breaker Tax Credit
- Exemption: Up to $1,320
- Eligibility: Low-income homeowners
- Notes: Must have a total household income of $31,000 or less and have lived in the home for at least one year.
Keep in mind that the above information is specific to Bannock County and may differ from other counties in Idaho. For more information about these exemptions and deductions, it is best to contact the Bannock County Assessor's Office.
When is Bannock County Property Tax due ?
Bannock County Property Tax is typically due on December 20th every year. The county offers several payment methods to make it easy for taxpayers to pay their property tax bills. Here are the available payment options:
| Payment Method | Details |
|---|---|
| Online | Taxpayers can pay their property tax bills online using their credit or debit card, or through an electronic check. A convenience fee will be charged for this service. |
| Taxpayers can mail their payment to the Bannock County Tax Collector. Payment must be postmarked by December 20th to be considered on time. | |
| In Person | Taxpayers can pay their property tax bills in person at the Bannock County Tax Collector's office. Payments made in person can be made using cash, check, or credit/debit card. A convenience fee may be charged for credit/debit card payments. |
| Drop Box | Taxpayers can drop off their payment in the drop box located outside the Bannock County Courthouse. Payments must be dropped off by 5:00 PM on December 20th to be considered on time. |
It is important to note that late payments will result in a penalty, so it is recommended that taxpayers pay their property tax bills on time to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Bannock County Property Tax penalty calculated ?
Bannock County Property Tax Penalty Calculation
Bannock County imposes a penalty on delinquent property tax payments. The penalty is calculated based on the amount due and the number of days past the due date.
The penalty rate for the first month of delinquency is 2%, and an additional 1% is added for each additional month of delinquency. The penalty cannot exceed 20% of the unpaid taxes.
Example:
Let's say that John owns a property in Bannock County and the property taxes are due on November 30th. John fails to pay the taxes by the due date and pays them on December 15th instead. The amount due is $2,500.
To calculate the penalty, we first determine the number of days past the due date. November 30th to December 15th is a total of 15 days past due.
The penalty for the first month is 2%, which equals $50 (2% of $2,500). Since John is 1 month and 15 days delinquent, an additional 1% penalty is added, which is $25 (1% of $2,500).
Therefore, the total penalty for John's late payment is $75.
Below is a table summarizing the penalty rates for delinquent property tax payments in Bannock County:
| Delinquency Period | Penalty Rate |
|---|---|
| 1st month | 2% |
| 2nd month | 3% |
| 3rd month | 4% |
| 4th month | 5% |
| 5th month | 6% |
| 6th month | 7% |
| 7th month | 8% |
| 8th month | 9% |
| 9th month | 10% |
| 10th month and over | 20% |
It is important to note that property owners are responsible for paying their property taxes on time to avoid penalties and interest. The county sends out tax statements well in advance of the due date to ensure property owners have adequate time to make their payments.
We recommend contacting the Bannock County Tax Office or a local tax professional for the most up-to-date and accurate information.