Calloway County Property Tax Rates
Here is a table listing the Calloway County Property Tax rates in a formatted manner, using Markdown. The table has two columns, namely tax and rate per $100 of assessed value.
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.119 |
| Tangible Property | $0.172 |
| Motor Vehicle | $0.352 |
| Watercraft | $0.352 |
| Aircraft | $0.352 |
Note: These rates are for the 2021 tax year and are subject to change. It is recommended to verify the current rates before filing taxes.
Example of Calloway County Property Tax Calculation
The Calloway County Property Tax calculation is a straightforward process that determines the amount of property tax a homeowner must pay each year. To calculate this tax, the local government takes the assessed value of the property and multiplies it by the tax rate for the area.
For example, if a property in Calloway County has an assessed value of $100,000 and the tax rate is 1.5%, the property tax calculation would be as follows:
$100,000 x 0.015 = $1,500
This means that the property owner would owe $1,500 in property taxes for the year.
It is important to note that the assessed value of the property is determined by the local government based on factors such as the size of the property, the location, and any improvements or renovations made to the property.
Overall, the Calloway County Property Tax calculation is a simple equation that ensures homeowners contribute to the upkeep and maintenance of their local community.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Calloway County ?
In Calloway County, property tax rates are set by the Calloway County Fiscal Court. It is a government body that consists of elected officials responsible for setting and managing tax rates, budgets, and policies in the county. Generally, they meet annually to determine property tax rates for the upcoming fiscal year. The rate is calculated based on the assessed value of the property and is subject to state regulations. Property taxes are typically due on October 15th each year.
Homestead exemptions in Calloway County ?
In Calloway County, Kentucky, there are various Homestead exemptions and deductions available to eligible residents. Here is a summary of these exemptions and their corresponding details:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner | Up to $39,300 of the property's assessed value | Must be the owner's primary residence |
| Disability Homestead Exemption | Disabled homeowners | Up to $39,300 of the property's assessed value | Must have a qualifying disability |
| Senior Citizen Homestead Exemption | Homeowners at least 65 years old | Up to $39,300 of the property's assessed value | Must have lived in the property for at least one year and have a total household income of less than $37,600 |
| Homestead Improvement Exemption | Homeowners making improvements to their property | Up to $20,000 of the assessed value of the improvements | Improvements must be valued at $5,000 or more and the homeowner must live in the property for at least one year after the improvement is completed |
| Homestead Exemption for Surviving Spouses | Surviving spouse of a qualified homeowner | Up to $39,300 of the property's assessed value | Must have inherited the property and must have lived in it as a primary residence for at least one year |
It's important to note that each exemption may have specific requirements and limitations beyond what is listed in the table. Homeowners in Calloway County who believe they may be eligible for any of these exemptions should contact their local tax assessor's office for more information.
When is Calloway County Property Tax due ?
Calloway County Property Tax is typically due on October 15th of each year. There are several payment methods available for taxpayers to utilize, including:
- In-person: Taxpayers can make payments in person at the Calloway County Clerk's Office located at 101 South 5th Street, Murray, KY 42071. They accept cash, check or money order.
- Mail: Taxpayers can also mail their payments to the same address. Checks or money orders should be made out to "Calloway County Clerk" and should include the taxpayer's name, address, and parcel number.
- Online: Taxpayers can also pay their property tax online through the Calloway County Clerk's website. This method accepts credit/debit cards or electronic checks.
It is important to note that there may be additional fees associated with online payments. Taxpayers should ensure that they make their payments before the due date to avoid any late fees or penalties.
If you have more questions - contact your local tax collector.
How is Calloway County Property Tax penalty calculated ?
Calloway County Property Tax penalty is calculated based on the amount of tax owed and the length of time it remains unpaid. The penalty is added to the original amount due to incentivize taxpayers to pay their taxes on time. Here is an example to illustrate how the penalty is calculated:
| Amount Due | Penalty Rate | Days Late | Penalty Amount |
|---|---|---|---|
| $1,000 | 2% | 30 | $20 |
In this example, the original amount due is $1,000. If the taxpayer fails to pay the tax within the due date, a penalty of 2% is applied to the amount due. If the taxpayer is 30 days late in paying the tax, the penalty amount would be $20, calculated as follows:
Penalty Amount = Amount Due x Penalty Rate x (Days Late / 365) $20 = $1,000 x 2% x (30 / 365)
It is important to note that the penalty rate may vary depending on the state and county. Additionally, the length of time before a penalty is applied may also vary. It is crucial for taxpayers to pay their property taxes on time to avoid penalties and extra fees.
We recommend contacting the Calloway County Tax Office or a local tax professional for the most up-to-date and accurate information.