Example of Boyd County Property Tax Calculation
Boyd County property tax is calculated by multiplying the assessed value of a property by the tax rate. The assessed value is determined by the county assessor based on the market value of the property, minus any exemptions or deductions. The tax rate is set by the county government and varies depending on the location and type of property.
For example, if a property in Boyd County has an assessed value of $100,000 and the tax rate is 2%, the property tax due would be $2,000. This tax is typically paid annually, and failure to pay can result in penalties and interest charges. Property owners can appeal their assessed value if they feel it is too high, and exemptions may be available for certain types of properties or for eligible taxpayers. Overall, property tax is a vital source of revenue for Boyd County and helps fund essential public services like schools, roads, and emergency services.
If you want appeal your property tax assessment - contact your local tax assessor.
Boyd County Property Tax Rates
Here is a formatted table listing Boyd County property tax rates in US dollars per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.752 |
| School | $0.833 |
| City | $0.322 |
| Special | $0.050 |
Keep in mind that property tax rates may vary based on location within Boyd County, as well as various other factors. It is always best to consult with a qualified tax professional for specific information pertaining to your individual property tax situation.
Who sets property tax rates in Boyd County ?
In Boyd County, property tax rates are determined by the local government, specifically the Boyd County Fiscal Court. This happens annually during budget discussions, where the fiscal court decides on the tax rate needed to fund the county's various services and programs. The property tax rate is then set and applied to all taxable properties within the county. The tax rate is typically expressed as a percentage of the assessed value of the property. Property owners in Boyd County should expect to receive their annual property tax bill in the mail, which will include the current tax rate and the amount due.
Homestead exemptions in Boyd County ?
A table has been created below which lists all of the county specific Homestead exemptions and deductions in Boyd County, Kentucky. The table includes four columns: exemption, eligibility, amount, and notes. This information will be helpful for homeowners in Boyd County who are looking to save money on their property taxes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must be a resident of Kentucky and occupy the property as their primary residence on January 1st of the tax year. | Up to $39,300 of the assessed value of the property. | This exemption applies to all property types, including mobile homes. |
| Disability Exemption | Must be totally disabled or blind and have proof of disability from the Social Security Administration. | Up to $37,600 of the assessed value of the property. | This exemption applies to all property types, including mobile homes. |
| Veterans Exemption | Must have served in the armed forces during a period of war or peacetime and have proof of honorable discharge. | Up to $39,300 of the assessed value of the property. | This exemption applies to all property types, including mobile homes. |
| Surviving Spouse of a Veteran Exemption | Must have been the spouse of a veteran who qualified for the Veterans Exemption and not have remarried. | Up to $39,300 of the assessed value of the property. | This exemption applies to all property types, including mobile homes. |
| Disability Exemption for Veterans | Must have a service-connected disability rating of 100%. | Up to $156,000 of the assessed value of the property. | This exemption applies to all property types, including mobile homes. |
Homeowners in Boyd County should take advantage of these exemptions and deductions in order to reduce their property tax bills. It is important to note that eligibility requirements and exemption amounts may vary by county and state, so be sure to check with your local government for specific information.
When is Boyd County Property Tax due ?
Boyd County Property Tax is typically due on December 31st of each year. Property owners in Boyd County can pay their property taxes through several payment methods, including:
- In-Person: Property owners can visit the Boyd County Treasurer's Office to pay their property taxes in person. The office is located at 911 9th Street, Room 104, in Ashland, Kentucky.
- By Mail: Property owners can also choose to mail their property tax payments to the Boyd County Treasurer's Office at the same address mentioned above. Payments must be postmarked by December 31st to be considered on time.
- Online: Property owners can pay their property taxes online through the Boyd County Treasurer's website. Payments can be made using a credit or debit card or by electronic check.
It is important to note that if property owners do not pay their property taxes by the deadline, they may be subject to penalties and interest charges. Additionally, failure to pay property taxes can result in a lien being placed on the property or even foreclosure. Therefore, it is recommended that property owners pay their property taxes on time to avoid any potential consequences.
If you have more questions - contact your local tax collector.
How is Boyd County Property Tax penalty calculated ?
Boyd County property tax penalties are calculated based on the amount of time the payment is late and the amount of the unpaid tax. The penalty starts at 5% of the unpaid tax and increases by 2% for each month that the payment is late, up to a maximum of 20%.
For example:
Let's say a property owner in Boyd County owes $2,000 in property tax for the year. The payment is due on January 1st, but they don't make the payment until April 1st. The penalty for being three months late would be 11% of the unpaid tax ($220), in addition to the original $2,000 they owed, for a total of $2,220.
The table below shows the breakdown of the penalty based on the number of months late:
| Months Late | Penalty |
|---|---|
| 1 | 5% |
| 2 | 7% |
| 3 | 9% |
| 4 or more | 11-20% |
It's important to note that the penalty is applied to the unpaid tax amount only, not the total tax owed. So, in the example above, if the property owner had paid $1,000 of the $2,000 owed and was three months late on the remaining $1,000, the penalty would be based on the $1,000 that was unpaid, not the full $2,000 owed.
We recommend contacting the Boyd County Tax Office or a local tax professional for the most up-to-date and accurate information.