Example of Cannon County Property Tax Calculation
Cannon County calculates property taxes based on the assessed value of the property, which is determined by the Cannon County Assessor of Property.
To calculate the property tax, first, the assessed value of the property is multiplied by the county's property tax rate, which is currently set at $2.43 per $100 of assessed value.
For example, if a property in Cannon County has an assessed value of $100,000, the calculation would be as follows:
$100,000 assessed value x $2.43 per $100 of assessed value = $2,430 property tax
It is important to note that property tax rates and assessed values can fluctuate from year to year, so it is essential to check with the Cannon County Assessor of Property for the most current information.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Cannon County ?
The property tax rates in Cannon County are set by the County Commission once a year during budget season. The County Commission is made up of elected officials who represent the citizens of Cannon County. They are responsible for setting the tax rate and appropriating funds for county services and programs. This process usually takes place in the late spring or early summer, and the new tax rate takes effect on July 1st of each year. The amount of property tax that each homeowner pays is based on the assessed value of their property and the tax rate set by the County Commission.
Cannon County Property Tax Rates
The Cannon County Property Tax rates for the year 2021 are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.46 |
| Urban Services District | $0.49 |
| Schools | $1.59 |
| Highway/Public Works | $0.08 |
| Debt Service | $0.37 |
| Ambulance Service | $0.10 |
| Total | $5.09 |
It is important to note that these rates may vary based on the property's location and other factors. Property owners should consult with a certified tax advisor for specific information regarding their own property tax rates.
Homestead exemptions in Cannon County ?
In Cannon County, Tennessee, there are various Homestead exemptions and deductions available to eligible residents. These exemptions and deductions can reduce the amount of property taxes owed. Here is a breakdown of the county-specific Homestead exemptions and deductions, along with their eligibility requirements, exemption amounts, and any additional notes that may be useful.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Any resident who owns and occupies their home as their primary residence | Up to $25,000 | Must file an application by April 5th of the tax year or within 30 days of receiving the tax bill |
| Elderly & Disabled | Any resident who is 65 years of age or older, or who is totally and permanently disabled | Up to $25,000 | Must have an annual income of less than $29,270 for individuals and $39,432 for married couples |
| Disabled Veteran | Any veteran who has a service-connected disability of 30% or greater | Up to $175,000 | Must have been honorably discharged and provide proof of disability from the VA |
| Widows & Widowers | Any resident who is the surviving spouse of a person who was receiving the General Homestead exemption at the time of their death | Up to $5,000 | Must have owned and occupied the home as their primary residence at the time of their spouse's death |
It is important to note that residents must file an application for each exemption or deduction they wish to claim, and there are specific deadlines that must be met. Additionally, some exemptions may have additional eligibility requirements or limitations. Residents should consult with the Cannon County Trustee's Office for more information and assistance in applying for these exemptions and deductions.
When is Cannon County Property Tax due ?
Cannon County Property Tax is typically due on February 28th of each year. In the case that February 28th falls on a weekend, the due date will move to the following business day.
There are several payment methods available to Cannon County property owners. These include:
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Online: Property owners can pay their taxes online through the Cannon County Trustee's website using a credit/debit card or e-check.
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Mail: Property owners can send a check or money order via mail to the Cannon County Trustee's office. The mailing address can be found on the property tax bill.
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In-person: Property owners can pay their taxes in person at the Cannon County Trustee's office using cash, check, or money order.
It's important to note that failure to pay property taxes on time can result in penalties and interest fees. Therefore, property owners are encouraged to submit their payments promptly to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Cannon County Property Tax penalty calculated ?
Cannon County Property Tax Penalty Calculation
Property taxes are an important source of revenue for any county in the United States. In Cannon County, property taxes are collected annually and are due on October 31st. Property owners who fail to pay their taxes by the due date are subject to penalties.
The penalty for late payment of Cannon County property taxes is calculated as follows:
- A penalty of 1.5% will be added to the unpaid tax balance on November 1st.
- An additional penalty of 1.5% will be added to the unpaid tax balance on January 1st of the following year.
- If the taxes remain unpaid on March 1st, an additional penalty of 1.5% will be added to the unpaid tax balance.
Example:
John owns a property in Cannon County and owes $10,000 in property taxes for the year. He fails to pay his taxes by the due date on October 31st. On November 1st, a penalty of 1.5% ($150) will be added to his unpaid tax balance, bringing the total to $10,150.
If John still hasn't paid his taxes by January 1st, an additional penalty of 1.5% ($152.25) will be added to his unpaid balance, bringing the total to $10,302.25.
Finally, if John still hasn't paid his taxes by March 1st, another 1.5% ($154.53) will be added to his unpaid balance, bringing the total to $10,456.78.
In summary, property owners in Cannon County should make sure to pay their property taxes by the due date to avoid late payment penalties. The penalty is 1.5% of the unpaid tax balance and is added on November 1st, January 1st, and March 1st.
We recommend contacting the Cannon County Tax Office or a local tax professional for the most up-to-date and accurate information.