Example of Bear Lake County Property Tax Calculation
Bear Lake County calculates property tax by multiplying the assessed value of a property by the current year's tax rate. For example, if a property is assessed at $100,000 and the tax rate is 1%, the property tax would be $1,000 (100,000 x 0.01).
The assessed value of a property is determined by the county assessor's office, based on factors such as the size and location of the property, as well as any improvements made to it. The tax rate is set annually by the county commission, based on the budget needs of the county for that year.
It's important to note that property taxes are used to fund public services such as schools, roads, and emergency services. Therefore, property owners have a responsibility to pay their fair share in order to support their community.
If you want appeal your property tax assessment - contact your local tax assessor.
Bear Lake County Property Tax Rates
Bear Lake County Property Tax Rates
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $0.57 |
| Commercial | $0.63 |
| Agricultural | $0.43 |
| Industrial | $0.68 |
Note: These rates are subject to change and may vary depending on the specific location and type of property. It is recommended that taxpayers consult with a professional tax advisor for accurate and up-to-date information.
Who sets property tax rates in Bear Lake County ?
Who sets property tax rates in Bear Lake County?
In Bear Lake County, property tax rates are determined by the County Commissioners. The Commissioners meet annually to review and approve the budget for the upcoming year, including the property tax rate.
The property tax rate is based on the assessed value of the property, which is determined by the County Assessor's Office. The assessed value is multiplied by the property tax rate to calculate the amount of taxes owed.
It's important to note that property tax rates may vary based on the location and type of property. For example, residential properties may have a different tax rate than commercial properties.
Overall, the property tax rate in Bear Lake County is an essential source of revenue for the county government, providing funding for services such as public safety, education, and infrastructure improvements.
Homestead exemptions in Bear Lake County ?
To help homeowners in Bear Lake County, Idaho save money, here is a table containing all the county-specific Homestead exemptions and deductions available.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Regular | All owner-occupied residences | Up to $100,000 | Must apply by April 15th |
| Over 65 | Owners over 65 or disabled | Up to $50,000 | Must apply by April 15th |
| Circuit Breaker | Owners with limited income | Varies based on income | Must apply by April 15th |
| Surviving Spouse | Spouses of deceased homeowners | Up to $100,000 | Must apply by April 15th |
| Disabled Veterans | Veterans with certain qualifications | Varies based on disability rating | Must apply by April 15th |
Note: To be eligible for any of these exemptions, the homeowner must have owned and occupied the property as their primary residence on or before January 1st of the tax year.
If you have any questions or need assistance with applying for these exemptions, please contact your local Bear Lake County Assessor's office.
When is Bear Lake County Property Tax due ?
Bear Lake County Property Tax is typically due on December 20th of each year. Property owners are encouraged to pay their taxes before the due date to avoid any penalties or late fees. There are several payment methods available, including:
- In-Person: Property owners can visit the Bear Lake County Treasurer's Office and pay with cash, check, or money order. The office is located at 7 E Center St, Paris, ID 83261.
- Online: Payments can also be made online via the Bear Lake County website. Property owners can use a credit or debit card to make an online payment.
- By Mail: Property owners can mail their payment to the Bear Lake County Treasurer's Office. Payments must be postmarked by December 20th to avoid any penalties or late fees. The address to send payments to is:
Bear Lake County Treasurer 7 E Center St Paris, ID 83261
It's important to note that property owners who are unable to pay their taxes in full by the due date may be eligible for a payment plan. This can be arranged by contacting the Bear Lake County Treasurer's Office directly.
If you have more questions - contact your local tax collector.
How is Bear Lake County Property Tax penalty calculated ?
Bear Lake County Property Tax Penalty Calculation
The penalty for delinquent property taxes in Bear Lake County is calculated based on a percentage of the tax amount owed. The penalty rate is set by the county and can vary from year to year.
Example:
Let's say John owns a property in Bear Lake County and owes $2,000 in property taxes for the year. The due date for the taxes is November 30th. If John fails to pay the taxes by that date, he will be charged a penalty of 2% for the month of December. This means he will owe an additional $40 for the late payment.
If John still does not pay by January 31st, he will be charged an additional penalty of 1%. This would bring his total penalty to $60.
It is important to note that the penalty will continue to accrue each month until the taxes are paid in full. In addition to the penalty, interest will also be charged on the unpaid balance.
To avoid penalties and interest, it is recommended that property owners pay their taxes on time or make arrangements with the county for a payment plan.
| Month | Penalty Rate | Penalty Amount |
|---|---|---|
| December | 2% | $40 |
| January | 1% | $20 |
| Total | 3% | $60 |
We recommend contacting the Bear Lake County Tax Office or a local tax professional for the most up-to-date and accurate information.