Example of Bollinger County Property Tax Calculation
Bollinger County property tax calculation is a process that determines the amount of tax a property owner is required to pay based on the assessed value of their property. The formula used to calculate property tax in Bollinger County is based on the property's assessed value multiplied by the tax rate set by local government entities.
To calculate the assessed value of a property, the county assessors will evaluate the property's market value, taking into account factors such as the property's age, size, location, and any improvements made to it. The assessed value is then used to determine the amount of tax owed.
The tax rate used to calculate property tax in Bollinger County is determined by the county commission, school district, and other local government entities. The tax rate is a percentage of the assessed value of the property, and varies based on the location and type of property.
For example, if a property owner in Bollinger County has an assessed value of $100,000 and the tax rate is set at 2%, the property tax owed would be $2,000. However, if the tax rate is increased to 2.5%, the property tax owed would increase to $2,500.
It is important for property owners to stay aware of any changes to the tax rate in their area, as it can significantly impact their property tax obligation. Property owners can also explore tax credits and exemptions that may be available to them to reduce their tax burden.
If you want appeal your property tax assessment - contact your local tax assessor.
Bollinger County Property Tax Rates
Bollinger County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate Tax | $0.6989 |
| Personal Property Tax | $0.3215 |
| Agricultural and Horticultural Real Estate Tax | $0.2580 |
| Agricultural and Horticultural Personal Property Tax | $0.1495 |
| Railroad and Utility Tax | $0.3325 |
The above table shows the property tax rates in Bollinger County. The Real Estate Tax has a rate of $0.6989 per $100 of assessed value, while the Personal Property Tax has a rate of $0.3215 per $100 of assessed value. For Agricultural and Horticultural Real Estate, the rate is $0.2580 per $100 of assessed value, and for Agricultural and Horticultural Personal Property, it is $0.1495 per $100 of assessed value. Finally, Railroad and Utility Tax has a rate of $0.3325 per $100 of assessed value.
Who sets property tax rates in Bollinger County ?
In Bollinger County, property tax rates are set by the County Commission. This usually happens once a year during their regular meetings. The County Commission is made up of three elected officials who are responsible for managing the county's affairs. They work with the County Assessor's Office to evaluate property values and set the tax rates accordingly. The tax rates are usually based on a percentage of the assessed value of the property. Property owners in Bollinger County can expect to receive their tax bills in the mail each year, with payment due by a specific deadline. It is important for property owners to keep track of these deadlines to avoid penalties and interest charges.
Homestead exemptions in Bollinger County ?
In Bollinger County, Missouri, there are several county-specific Homestead exemptions and deductions available to eligible homeowners. These exemptions and deductions help to reduce property taxes and provide financial relief to those who qualify. Below is a table outlining the available exemptions and deductions, as well as their eligibility requirements, exemption amounts, and any additional notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Homeowners who own and occupy their primary residence | Up to $5,000 assessed value | Must file application with County Assessor |
| Veterans | Honorably discharged veterans who are 100% disabled due to service | Full exemption of assessed value | Must provide proof of eligibility to County Assessor |
| Disabled or Elderly | Homeowners who are 100% disabled, age 65 or older, or both | Up to $1,000 assessed value | Must file application with County Assessor |
| Circuit Breaker | Homeowners whose income is below a certain threshold | Up to $1,100 tax credit | Must file application with Missouri Department of Revenue |
It is important to note that eligibility and exemption amounts may vary depending on individual circumstances and the specific guidelines dictated by Bollinger County. Homeowners should contact the County Assessor's office or the Missouri Department of Revenue for more information on how to apply for these exemptions and deductions. By taking advantage of these programs, eligible homeowners can save money on property taxes and ease the financial burden of homeownership.
When is Bollinger County Property Tax due ?
Bollinger County Property Tax is due on December 31st every year. It is important to note that if the due date falls on a weekend or holiday, the payment is due the following business day.
There are several payment methods available for Bollinger County Property Tax. These include:
- Online payment through the Bollinger County Treasurer's website
- Mail a check or money order to the Bollinger County Treasurer's office
- Drop off payment in person at the Bollinger County Treasurer's office
It is also important to note that payments made after the due date may result in penalties and interest charges. Therefore, it is recommended to make timely payments to avoid any additional fees.
To summarize, Bollinger County Property Tax is due on December 31st and can be paid online, by mail, or in person. Late payments may result in penalties and interest charges.
If you have more questions - contact your local tax collector.
How is Bollinger County Property Tax penalty calculated ?
Bollinger County Property Tax Penalty Calculation
When a property owner in Bollinger County fails to pay their property tax by the due date, they are subject to a penalty. The penalty is calculated based on the amount of tax owed and the number of days the payment is late.
The penalty rate in Bollinger County is 1.5% per month or a fraction of a month. This means that if a property owner is 10 days late on their payment, they will be charged a penalty of 0.5% (1.5% divided by 30 days) of the total amount due.
Here's an example to illustrate how the penalty is calculated:
- The total property tax due for a property in Bollinger County is $2,000.
- The due date for payment is January 31st.
- The property owner fails to make the payment until March 15th, which is 43 days late.
To calculate the penalty, we first need to determine the number of months or fractions of a month the payment is late. In this case, the payment is late by 1 month and 13 days (January has 31 days, February has 28 days, and March has 15 days).
Next, we calculate the penalty rate by dividing 1.5% by 30 days, which gives us a daily penalty rate of 0.05%.
Finally, we multiply the total amount due by the penalty rate and the number of days late:
$2,000 x 0.05% x 43 = $43
Therefore, the penalty for this property owner would be $43.
It's important to note that the penalty will continue to accrue at the same rate for each additional month or fraction of a month that the payment remains late. This can quickly add up and result in a significant amount of additional fees for the property owner.
In summary, the Bollinger County property tax penalty is calculated based on the amount of tax owed and the number of days the payment is late, with a penalty rate of 1.5% per month or a fraction of a month. Property owners should make every effort to pay their property taxes on time to avoid penalties and additional fees.
We recommend contacting the Bollinger County Tax Office or a local tax professional for the most up-to-date and accurate information.