Example of Botetourt County Property Tax Calculation
Botetourt County property taxes are calculated based on the assessed value of the property. For example, if a property is assessed at $200,000, the tax rate in Botetourt County is $0.72 per $100 of assessed value, and the homeowner qualifies for a $500 exemption, the property tax calculation would be as follows:
First, the assessed value of the property is divided by 100: $200,000 รท 100 = $2,000.
Next, the tax rate is applied to the assessed value: $2,000 x 0.72 = $1,440.
Then, the exemption is subtracted from the tax amount: $1,440 - $500 = $940.
Therefore, the property owner would owe $940 in annual property taxes to Botetourt County.
If you want appeal your property tax assessment - contact your local tax assessor.
Botetourt County Property Tax Rates
To list the Botetourt County Property Tax rates, the following formatted table can be used:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $0.74 |
| Personal Property | $3.15 |
| Machinery and Tools | $3.15 |
| Public Service Corporation | $1.50 |
It should be noted that the rates listed above are subject to change and individuals should confirm the most up-to-date rates with the Botetourt County Treasurer's office.
Who sets property tax rates in Botetourt County ?
In Botetourt County, Virginia, the Board of Supervisors is responsible for setting property tax rates. This is typically done on an annual basis during the county's budgeting process. The Board takes into account various factors, such as the county's financial needs, property values, and projected revenue, when determining the property tax rates. Property owners in Botetourt County can expect to receive their property tax bills annually, typically in the fall. It is important for property owners to keep up with their tax payments in order to avoid penalties and interest charges.
Homestead exemptions in Botetourt County ?
In Botetourt County, Virginia, there are several Homestead exemptions and deductions available to eligible homeowners. Here is a table detailing the specific exemptions and deductions, as well as their eligibility requirements and amount:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | $2,000 | Must occupy property as primary residence |
| Senior Citizen Exemption | Homeowners aged 65+ | Up to $20,000 | Must have household income below $50,000 |
| Disabled Veteran Exemption | Eligible veterans | Up to $10,000 | Must have a VA disability rating of at least 40% |
| Surviving Spouse Exemption | Surviving spouse of a veteran | Up to $10,000 | Must have lived with veteran at time of death |
| Disabled Individuals Exemption | Eligible individuals with disabilities | Up to $10,000 | Must have a disability rating of at least 40% |
It is important to note that these exemptions and deductions may have additional requirements and limitations. Homeowners in Botetourt County should consult with the local tax assessor's office to determine their eligibility and the exact amount of their exemption or deduction.
When is Botetourt County Property Tax due ?
Botetourt County Property Tax is typically due on December 5th each year. However, if the due date falls on a weekend or holiday, taxes are due on the next business day.
Residents of Botetourt County have several payment methods available to them, including:
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Online: Botetourt County offers an online payment system for property taxes. Residents can pay using a credit/debit card or electronic check. A convenience fee is applied for credit/debit card payments, but there is no fee for electronic check payments.
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By Mail: Payments can be mailed to the Botetourt County Treasurer's Office using a check or money order. The address is:
P.O. Box 100 Fincastle, VA 24090
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In Person: Residents can pay taxes in person at the Botetourt County Treasurer's Office located at:
2 E. Main St. Fincastle, VA 24090
Office hours are Monday through Friday from 8:30am to 5:00pm.
Late payments may result in penalties and interest charges, so it is important to make timely payments. For more information on Botetourt County Property Tax, residents can visit the Botetourt County website or contact the Treasurer's Office directly.
If you have more questions - contact your local tax collector.
How is Botetourt County Property Tax penalty calculated ?
Botetourt County property tax penalty is calculated based on the amount of unpaid tax and the length of time it has been delinquent. The penalty increases the longer the payment is overdue.
The penalty rate for delinquent taxes is 10% per annum. It starts on the first day of each tax year and is added to the unpaid balance. This means that if a property owner fails to pay their property tax of $1,000 on time, they will be charged an additional $100 after one year.
Here is an example to illustrate how the property tax penalty is calculated in Botetourt County:
- John owns a house in Botetourt County and his property tax bill is due on December 5th, 2021.
- John fails to pay his property tax by the due date and the county adds a penalty of 10%.
- By December 5th, 2022, John still hasn't paid his property tax, so the penalty has increased to 20%.
- John finally pays his property tax on January 1st, 2023. His total tax bill is now $1,200 ($1,000 + $200 penalty).
Botetourt County property owners should be aware of the penalty for delinquent property taxes and make sure to pay on time to avoid accruing additional charges.
We recommend contacting the Botetourt County Tax Office or a local tax professional for the most up-to-date and accurate information.