Example of Bond County Property Tax Calculation
To calculate property taxes in Bond County, Illinois, a formula is used that takes into account the assessed value of the property and the tax rate for that particular area.
First, the assessed value of the property is determined by the Bond County Assessor's Office. This is based on the fair market value of the property, which is determined by analyzing sales data, property inspections, and other factors.
Once the assessed value is determined, the tax rate for the area is applied. This rate is set by various local government bodies, such as the county board or city council. The tax rate is typically expressed as a percentage of the assessed value.
For example, if a property in Bond County has an assessed value of $100,000 and the tax rate for the area is 2%, the property taxes would be calculated as follows:
$100,000 x 0.02 = $2,000
Therefore, the property owner would owe $2,000 in property taxes for the year. It's important to note that property taxes are typically paid in two installments each year and can be subject to various exemptions or deductions.
If you want appeal your property tax assessment - contact your local tax assessor.
Bond County Property Tax Rates
Bond County's property tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.8743 |
| Bond County Community Unit School District 2 | $4.2534 |
| Greenville Community Unit School District 6 | $4.4692 |
| Mulberry Grove Community Unit School District 1 | $4.1492 |
| Bond County Soil and Water Conservation District | $0.0228 |
| Bond County Ambulance Service | $0.2000 |
| Bond County Health Department | $0.1475 |
It's important to note that these rates are subject to change, and taxpayers should consult with a professional to understand their specific tax situation.
Who sets property tax rates in Bond County ?
In Bond County, property tax rates are set by the Bond County Board of Commissioners. This is typically done during an annual budget meeting, where the commissioners review the county's finances and determine the amount of revenue needed to fund various programs and services. The property tax rate is then set based on this calculation. The current property tax rate for Bond County is [INSERT RATE HERE]. It's worth noting that property tax rates can vary widely by state and even within different counties in the same state, so it's important for property owners to stay up-to-date on the latest rates and regulations in their specific area.
Homestead exemptions in Bond County ?
To assist Bond County residents in understanding the various homestead exemptions and deductions available to them, we have compiled a table with the following columns:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Homeowners | $6,000 assessed value reduction | Applies to primary residence |
| Senior Citizens Homestead Exemption | Homeowners aged 65+ | $5,000 assessed value reduction | Applies to primary residence |
| Senior Citizens Assessment Freeze Homestead Exemption | Homeowners aged 65+ with a household income under $65,000 | Freezes assessed value at current level | Must reapply annually |
| Disabled Veterans' Standard Homestead Exemption | Veterans with a service-connected disability of at least 70% | $2,500 assessed value reduction | Applies to primary residence |
| Disabled Veterans' Exemption for Specially Adapted Housing | Veterans with a service-connected disability of at least 50% | 100% exemption of assessed value | Must provide proof of eligibility |
It is important to note that these exemptions and deductions are specific to Bond County in Illinois and may vary in other counties or states. Additionally, eligibility requirements may change, so it is important to stay informed on any updates or changes to the programs.
Overall, these homestead exemptions and deductions can provide significant savings for eligible homeowners in Bond County.
When is Bond County Property Tax due ?
Bond County Property Tax is typically due on June 1st of each year. However, taxpayers have the option to pay their property taxes in two installments - the first installment is due on June 1st, while the second installment is due on September 1st.
There are several payment methods available for taxpayers to pay their property taxes. These include:
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Online payment: Taxpayers can make their payments online using a credit/debit card or an e-check. The online payment option is available through the Bond County Treasurer's website.
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Mail: Taxpayers can also mail their payments to the Bond County Treasurer's Office. The mailing address is as follows:
Bond County Treasurer's Office PO Box 377 Greenville, IL 62246
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In-person: Taxpayers can make their payments in-person at the Bond County Treasurer's Office located at 203 W. College Ave, Greenville, IL.
It is important to note that payments must be postmarked or received by the due date to avoid penalty fees. Taxpayers who fail to make their payments on time may be subject to interest and penalty fees, and could risk losing their property. Therefore, it is advised that taxpayers make timely payments to avoid any unwanted consequences.
If you have more questions - contact your local tax collector.
How is Bond County Property Tax penalty calculated ?
Bond County Property Tax Penalty Calculation
Bond County property owners are required to pay their property tax on time to avoid a penalty. The penalty for late payment is calculated based on the tax amount due and the number of days past the deadline. The calculation is as follows:
- The property tax amount due is multiplied by the penalty rate of 1.5% per month, or 0.05% per day.
- The penalty amount is then multiplied by the number of days past the due date.
- The resulting penalty amount is added to the original tax amount due to determine the total amount owed.
Example:
John owns a property in Bond County and owes $2,500 in property tax. The deadline for payment was July 1st, but John did not make the payment until September 15th, which is 76 days past the due date.
To calculate the penalty, first, we determine the monthly penalty rate: 1.5% / month = 0.05% / day.
Then, we calculate the penalty amount: $2,500 x 0.05% x 76 days = $95.
Finally, we add the penalty amount to the original tax amount due: $2,500 + $95 = $2,595.
Therefore, John owes a total of $2,595 for his property tax payment.
It is important for Bond County property owners to pay their property tax on time to avoid the penalty and additional fees.
We recommend contacting the Bond County Tax Office or a local tax professional for the most up-to-date and accurate information.