Example of Breckinridge County Property Tax Calculation
Breckinridge County property tax is calculated by multiplying the assessed value of a property by the county tax rate. For example, if a property has an assessed value of $100,000 and the county tax rate is 0.01, the property tax would be $1,000 ($100,000 x 0.01). This tax is used to fund local government services such as schools, roads, and public safety. The assessed value of a property is determined by the county assessor, who takes into account factors such as the property's location, size, and amenities. It is important for property owners to pay their property taxes on time to avoid penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Breckinridge County Property Tax Rates
The following table showcases the Breckinridge County Property Tax rates in terms of tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.947 |
| Tangible Personal Property | $0.926 |
| Motor Vehicle and Watercraft | $0.45 |
| Public Service Corporation | $1.02 |
It is important to note that these rates are subject to change and may vary based on individual circumstances. For further information on Breckinridge County Property Tax rates, it is advisable to consult with a local tax advisor.
Who sets property tax rates in Breckinridge County ?
Who sets property tax rates in Breckinridge County? The Breckinridge County Fiscal Court is responsible for setting property tax rates in the county. They are elected officials who meet regularly to discuss and make decisions about the county's budget and tax rates.
When are property tax rates set in Breckinridge County? Property tax rates in Breckinridge County are typically set around the end of June or early July, before the start of the fiscal year on July 1st. The Fiscal Court holds public meetings to discuss and vote on the proposed tax rates, which are then recorded and implemented.
How are property tax rates determined in Breckinridge County? Property tax rates in Breckinridge County are determined by considering the county's budget and expenditures for the upcoming fiscal year. The Fiscal Court looks at the cost of county services such as infrastructure, public safety, and education, as well as any potential changes to state funding or revenue projections. Based on this information, they determine the necessary property tax rates to meet these obligations and maintain the county's financial stability.
What is the current property tax rate in Breckinridge County? The current property tax rate in Breckinridge County is $0.157 per $100 of assessed property value. However, this rate is subject to change each fiscal year based on the factors mentioned above. Property owners in Breckinridge County can contact the county clerk's office for more information on their specific property tax obligations.
Homestead exemptions in Breckinridge County ?
Table of Homestead Exemptions and Deductions in Breckinridge County, Kentucky
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | All homeowners | Up to $39,300 | Based on assessed value of property |
| Personal Property Tax Exemption | Senior citizens and disabled individuals | Up to $38,000 | Exempts personal property from taxation |
| Disability Exemption | Disabled individuals | Up to $7,500 | Based on assessed value of property |
| Veteran's Exemption | Honorably discharged veterans | Up to $37,600 | Based on assessed value of property |
| Agricultural Exemption | Farmers | Varies | Based on acreage of agricultural land |
| Pollution Control Exemption | Businesses | Varies | Exempts certain pollution control equipment from taxation |
Note: Eligibility requirements and amounts may vary depending on individual circumstances. It is recommended to consult with a tax professional for specific details.
When is Breckinridge County Property Tax due ?
Breckinridge County Property Tax Due Date
Breckinridge County requires property tax payments to be made annually. The due date for property tax payments is typically January 31st of each year. However, taxpayers are advised to check the official website of the Breckinridge County Property Valuation Administrator for any changes or updates.
Payment Methods
There are several ways to pay Breckinridge County property taxes:
- In-person payments - Taxpayers can visit the Breckinridge County Clerk's Office during business hours to pay property taxes in person. The office is located at 208 S Main St, Hardinsburg, KY 40143.
- By mail - Taxpayers can also mail their payment to the Breckinridge County Clerk's Office at the above address. Payment must be postmarked by January 31st to avoid penalties and interest.
- Online payments - Property tax payments can also be made online through the Breckinridge County Clerk's website. Taxpayers can pay using a credit card, debit card, or electronic check. However, a convenience fee will be charged for online payments.
It is important for taxpayers to note that failure to pay property taxes by the due date may result in penalties and interest charges. Therefore, it is advisable to make payments promptly to avoid any additional costs.
If you have more questions - contact your local tax collector.
How is Breckinridge County Property Tax penalty calculated ?
Breckinridge County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they may be subject to penalties. In Breckinridge County, these penalties are calculated based on a set formula.
The penalty is equal to 10% of the unpaid tax amount plus 1% per month of delinquency, up to a maximum of 15%. For example, if a property owner owes $1,000 in property taxes and is 2 months late in payment, the penalty would be calculated as follows:
- 10% of $1,000 = $100
- 1% per month x 2 months = 2%
- 2% of $1,000 = $20
Total Penalty = $100 + $20 = $120
Therefore, in this example, the property owner would owe a total of $1,120 ($1,000 in unpaid taxes + $120 in penalties).
It is important to note that property owners can avoid these penalties by paying their property taxes on time. The due date for property taxes in Breckinridge County is typically on or before December 31st of each year. If payment is not received by this date, penalties will begin to accrue.
In summary, Breckinridge County calculates property tax penalties based on a set formula of 10% of the unpaid tax amount plus 1% per month of delinquency, up to a maximum of 15%. Property owners can avoid these penalties by paying their property taxes on time.
We recommend contacting the Breckinridge County Tax Office or a local tax professional for the most up-to-date and accurate information.