Example of Boone County Property Tax Calculation
Boone County Property Tax is calculated based on the assessed value of a property. For example, if a property in Boone County is assessed at $100,000, the property tax rate is 2.71%, and there are no exemptions or deductions applied, the property tax calculation would be as follows:
$100,000 x 2.71% = $2,710
This means that the property owner would be required to pay $2,710 in property taxes annually.
It's important to note that exemptions and deductions can impact the final property tax calculation. Homeowners who use their property as their primary residence may be eligible for exemptions, which can lower the assessed value and lower the amount of property tax owed. Additionally, certain deductions may be available for property owners who have made improvements to their properties.
Overall, the Boone County Property Tax calculation is based on the assessed value of a property, and can be impacted by exemptions and deductions.
If you want appeal your property tax assessment - contact your local tax assessor.
Boone County Property Tax Rates
The Boone County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General County | $0.5844 |
| Road and Bridge | $0.2016 |
| Ambulance | $0.1038 |
| Fire Protection | $0.1000 |
| Library | $0.1459 |
These rates are subject to change and residents of Boone County are advised to check with their local tax authority for the most up-to-date information.
Who sets property tax rates in Boone County ?
Who sets property tax rates in Boone County?
The Boone County Property Valuation Administrator (PVA) is responsible for setting property tax rates in Boone County. The PVA assesses the value of all taxable property in the county and determines the appropriate tax rate to be applied.
When are property tax rates set in Boone County?
Property tax rates in Boone County are set annually, typically in the fall. The PVA uses data from the prior year's property assessments to determine the current year's tax rates. Property owners receive their tax bills in the mail in November and have until the following January to pay their taxes.
How are property tax rates calculated in Boone County?
Property tax rates in Boone County are calculated by dividing the total amount of revenue needed to fund local government services by the total assessed value of taxable property in the county. The resulting rate is applied to each property's assessed value to determine the amount of property taxes owed.
What should property owners in Boone County know about property taxes?
Property owners in Boone County should be aware that property tax rates can fluctuate from year to year based on changes in property values and government funding needs. It's also important to pay property taxes on time, as late payments can result in penalties and interest charges. Property owners who believe that their property has been over-assessed or who have other concerns about their tax bill can contact the Boone County PVA for assistance.
Homestead exemptions in Boone County ?
To help homeowners in Boone County, Illinois understand their eligibility and potential exemptions for Homestead deductions, this blogger has compiled a table outlining the various exemption options available.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied property | $6,000 maximum | Reduces taxable assessed value of property |
| Senior Citizen Homestead Exemption | Owner-occupied property, age 65+ | $5,000 maximum | Additional exemption for qualifying senior citizens |
| Senior Citizen Assessment Freeze Homestead Exemption | Owner-occupied property, age 65+ and income less than $65,000 | Freezes assessed value of property | Application must be filed annually |
| Disabled Veterans Standard Homestead Exemption | Owner-occupied property, veteran with at least 30% disability | $2,500 maximum | Additional exemption for qualifying disabled veterans |
| Returning Veterans Homestead Exemption | Owner-occupied property, veteran who served overseas after 9/11 | $5,000 maximum | Additional exemption for qualifying returning veterans |
| Home Improvement Exemption | Owner-occupied property, recently improved | $25,000 maximum | Exemption for the increase in assessed value due to improvements |
It is important to note that these exemptions and eligibility requirements are specific to Boone County in Illinois. Homeowners should consult with their local assessor's office to determine their eligibility and to apply for any available exemptions. By taking advantage of these deductions, homeowners can reduce their property taxes and potentially save thousands of dollars each year.
When is Boone County Property Tax due ?
Boone County Property Tax is typically due on November 1st every year. However, the tax bill is usually mailed out to property owners around the last week of October. Property owners have until May 10th of the following year to pay their property taxes without incurring interest and penalties.
There are several payment methods available for property owners in Boone County. These methods include:
- In-person payment: Property owners can visit the Boone County Treasurer's Office to pay their property taxes in person. The office is located at 801 E. Walnut St., Room 118, in Columbia, MO.
- Mail payment: Property owners can mail their property tax payment to the Boone County Treasurer's Office at P.O. Box 1004, Columbia, MO 65205. The payment must be postmarked by May 10th to avoid penalties.
- Online payment: Property owners can also pay their property taxes online using a credit or debit card. This service is provided by the Boone County Treasurer's Office through their website.
- Automated phone payment: Property owners can make a payment by phone using the automated payment system. This service is available 24/7 and can be accessed by calling 1-866-257-2055.
It's important to note that property owners who fail to pay their property taxes on time will incur a penalty of 2% per month until the taxes are paid in full. Therefore, it's crucial to make payments on time to avoid extra fees.
If you have more questions - contact your local tax collector.
How is Boone County Property Tax penalty calculated ?
Boone County Property Tax Penalty Calculation
Boone County levies penalties on late property tax payments as a way of ensuring timely payments. The penalty is calculated based on a percentage of the unpaid amount and accrues monthly until paid.
The penalty rate in Boone County is 1.5% per month or 18% per year. This rate is standardized across all properties in the county.
To calculate the penalty for late property tax payments, the following formula is used:
Penalty = Unpaid amount x Penalty rate x Number of months late
Let's look at an example:
Suppose a property owner in Boone County owes $5,000 in property taxes for the year 2020. If the payment is late by three months, the penalty will be calculated as follows:
Penalty = $5,000 x 1.5% x 3 = $225
Therefore, the penalty for the late payment would be $225.
It is important to note that the penalty for late property tax payments can add up quickly, making it crucial for property owners to pay their taxes on time. If the taxes remain unpaid for an extended period, the county may initiate legal action, including foreclosure, to collect the unpaid amount.
By paying property taxes on time, property owners can avoid the inconvenience and financial burden of penalties, interest, and legal proceedings initiated by the county.
We recommend contacting the Boone County Tax Office or a local tax professional for the most up-to-date and accurate information.