Example of Bureau County Property Tax Calculation
Bureau County calculates property taxes based on the assessed value of a property. To determine the assessed value, the tax assessor considers various factors, including the property's location, size, and condition. Once the assessed value is determined, the tax rate is applied to calculate the property tax due.
For example, let's say that a property in Bureau County has an assessed value of $100,000 and the current tax rate is 1%. The property tax due would be $1,000 (100,000 x 0.01).
It's important to note that property tax rates and assessments can vary from year to year, so it's always a good idea to stay informed and up-to-date on any changes that may affect your property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Bureau County Property Tax Rates
The Bureau County Property Tax Rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General County Tax | $0.7094 |
| Bond County School District | $2.4245 |
| Cherry Grade School District | $2.2225 |
| DePue Unit School District | $4.0066 |
| Hall High School District | $2.3359 |
| LaMoille Unit School District | $2.4701 |
| Mendota High School District | $2.4518 |
| Ohio School District | $3.1882 |
| Princeton Elementary School District | $2.5574 |
| Princeton High School District | $2.9539 |
| Spring Valley School District | $3.4488 |
| Waltham School District | $2.4535 |
Please note that the rates are subject to change and taxpayers should contact the Bureau County Treasurer's Office for the latest information.
Who sets property tax rates in Bureau County ?
Property Tax Rates in Bureau County, USA
In Bureau County, the property tax rates are set by two different entities depending on the type of property.
| Type of Property | Entity Setting Tax Rate |
|---|---|
| Real Property (Land and Buildings) | Bureau County Board |
| Personal Property (Machinery and Equipment) | Illinois Department of Revenue |
The Bureau County Board sets the tax rates for real property annually during the budget process. They consider the county's financial needs, property values, and other factors to determine the appropriate tax rate.
On the other hand, the Illinois Department of Revenue sets the tax rate for personal property based on statewide assessments and rates. These rates are then applied to the value of the personal property owned in Bureau County.
It's important to note that property tax rates can vary widely depending on location, type of property, and other factors. As a tax advisor, it's crucial to stay up-to-date on these rates and how they may impact your clients.
Homestead exemptions in Bureau County ?
To provide comprehensive information on Bureau County's Homestead exemptions and deductions, the following table has been created with columns for exemption, eligibility, amount, and notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be the primary resident of the property as of January 1st of the assessment year | $6,000 of assessed value | Applies to all property types |
| Senior Citizens Homestead Exemption | Must be 65 years or older as of January 1st of the assessment year and meet income requirements | $5,000 of assessed value | Can be combined with the General Homestead Exemption |
| Senior Citizens Assessment Freeze Homestead Exemption | Must be 65 years or older as of January 1st of the assessment year, have a total household income of less than $65,000, and meet other requirements | Freezes assessed value at previous amount | Can be used in addition to other exemptions |
| Disabled Persons Homestead Exemption | Must have a disability and meet income requirements | $2,000 of assessed value | Can be combined with other exemptions |
| Disabled Veterans Homestead Exemption | Must have a disability rating of 30% or more from the VA and meet other requirements | $5,000 of assessed value | Can be combined with other exemptions |
| Returning Veterans Homestead Exemption | Must have served in an active duty capacity and meet other requirements | $5,000 of assessed value | Can be used in addition to other exemptions |
It is important to note that specific eligibility requirements and amounts may vary by county and assessment year. Property owners should consult with their local assessor's office for the most up-to-date information.
When is Bureau County Property Tax due ?
According to the Bureau County Treasurer's Office, the property tax is typically due on the following dates:
| Installment | Due Date |
|---|---|
| 1st Installment | June 4th |
| 2nd Installment | September 4th |
To make a payment, there are several options available:
- In-person: Payments can be made at the Treasurer's Office located at 700 South Main Street, Princeton, IL 61356.
- By mail: Payments can be sent to the Bureau County Treasurer's Office at P.O. Box 158, Princeton, IL 61356.
- Online: Payments can be made online through a third-party payment processor at www.bureaucountyil.gov.
It's important to note that failure to pay property taxes on time can result in penalties and interest fees. Therefore, it's recommended to make payments before the due dates to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Bureau County Property Tax penalty calculated ?
Bureau County Property Tax Penalty Calculation
When it comes to property taxes, the Bureau County Treasurer's office imposes penalties for late payments. The penalty is calculated as a percentage of the unpaid taxes and is added to the original amount owed. Here's a breakdown of how the penalty is calculated:
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Due Date: The due date for the first installment of property taxes in Bureau County is June 2nd. The second installment is due on September 2nd. If the tax payment is not received on or before the due date, a penalty will be added.
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Penalty Rate: The penalty rate for late payments is 1.5% per month. This means that the penalty will increase by 1.5% of the unpaid taxes each month that the payment is late.
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Example: Let's say that John owns a property in Bureau County and owes $10,000 in property taxes for the year. If John fails to make the first installment payment by June 2nd, he will incur a penalty of 1.5% or $150. If he doesn't pay the taxes until July 2nd, the penalty will increase to 3% or $300. If he still hasn't paid by August 2nd, the penalty will be 4.5% or $450, and so on.
It's important to remember that the penalty will continue to increase until the tax payment is made in full. Therefore, it's crucial to pay property taxes on time to avoid incurring any unnecessary penalties.
We recommend contacting the Bureau County Tax Office or a local tax professional for the most up-to-date and accurate information.