Example of Cocke County Property Tax Calculation
Cocke County Property Tax is calculated by multiplying the assessed value of a property by the property tax rate. For example, if a property is assessed at $100,000 and the property tax rate is 2.5%, the property tax owed would be $2,500. The assessed value is determined by the county assessor based on the value of the property and any improvements made to it. The property tax rate is set annually by the county commission and may vary depending on the location of the property and other factors.
If you want appeal your property tax assessment - contact your local tax assessor.
Cocke County Property Tax Rates
The following table displays the property tax rates for Cocke County in Tennessee, as of the tax year 2021:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $2.16 |
| City | $1.85 |
| School | $2.50 |
| Fire | $0.70 |
| Solid Waste | $0.50 |
It is important to note that these rates are subject to change, and may vary depending on specific property characteristics and location within the county. Property owners should consult with a tax professional or local government officials for the most accurate and up-to-date tax information.
Who sets property tax rates in Cocke County ?
In Cocke County, property tax rates are set by the County Commission. This typically occurs annually during a budget meeting where they review revenue projections and determine the tax rate needed to fund county services. The specific date of this meeting varies from year to year but it typically takes place in the summer months. It is important for property owners to stay informed about these meetings and any proposed tax rate changes in order to plan accordingly for their tax liabilities.
Homestead exemptions in Cocke County ?
In Cocke County, Tennessee, there are several Homestead exemptions and deductions available for eligible homeowners. These exemptions and deductions can help reduce their property taxes and provide financial relief. Below are the details of each exemption and deduction, including eligibility requirements, exemption amounts, and notes.
Homestead Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner who resides in the property as their primary residence on or before December 31st of the previous year | $25,000 | The homeowner must file an application for the exemption with the county Assessor of Property before the deadline. |
| Disabled Veterans Exemption | Any honorably discharged veteran who is classified as permanently and totally disabled by the Veterans Administration | $175,000 | The veteran must provide documentation of their disability to the county Assessor of Property. |
| Disabled Person Exemption | Any homeowner who is classified as permanently and totally disabled by the Social Security Administration or by a state agency | $25,000 | The homeowner must provide documentation of their disability to the county Assessor of Property. |
| Elderly and Disabled Homeowner Tax Freeze | Any homeowner who is 65 years of age or older or classified as permanently and totally disabled by the Social Security Administration or by a state agency and has a combined income of $41,670 or less | Freeze at the current year's tax amount | The homeowner must file an application for the exemption with the county Trustee before the deadline. |
Homestead Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Property Tax Relief for the Elderly | Any homeowner who is 65 years of age or older and has a combined income of $28,930 or less | Up to $29,270 or 50% of the property tax amount, whichever is less | The homeowner must file an application for the deduction with the county Trustee before the deadline. |
| Property Tax Relief for the Disabled | Any homeowner who is classified as permanently and totally disabled by the Social Security Administration or by a state agency and has a combined income of $29,270 or less | Up to $29,270 or 50% of the property tax amount, whichever is less | The homeowner must file an application for the deduction with the county Trustee before the deadline. |
It is important to note that homeowners may only receive one Homestead exemption and deduction at a time. Homeowners should contact the Cocke County Assessor of Property and the county Trustee for more information regarding eligibility and application deadlines.
When is Cocke County Property Tax due ?
Cocke County Property Tax is typically due on the last day of February each year. However, if the last day of February falls on a weekend, the due date is extended to the following business day.
There are several payment methods available for Cocke County Property Tax. Taxpayers can choose to pay in person at the Cocke County Trustee's Office, located at 111 Court Avenue in Newport, Tennessee. They can also mail in their payment to the same address, but it must be postmarked by the due date to avoid penalties.
For those who prefer to pay online, they can do so through the county's website using a credit or debit card. There is a small processing fee associated with online payments.
Additionally, taxpayers can sign up for an installment plan, which allows them to pay their property taxes in four equal payments throughout the year. This option is only available for residents of Cocke County who own and occupy their primary residence.
Overall, Cocke County offers several convenient methods for taxpayers to pay their property taxes.
If you have more questions - contact your local tax collector.
How is Cocke County Property Tax penalty calculated ?
The calculation of Cocke County Property Tax penalty is straightforward. The penalty is computed based on the unpaid tax amount and the number of days the tax remains unpaid. Here's an example to better illustrate the calculation process:
Assume that John, a resident of Cocke County, has a property tax obligation of $1,500 due on January 1st. John fails to pay his tax obligation by the due date and his tax remains unpaid for 45 days until February 15th.
To calculate the penalty, the county tax office would apply a penalty rate of 1.5% per month (or 18% per annum) on the unpaid balance. Here's how the penalty would be calculated for John:
Unpaid Tax Amount: $1,500 Penalty Rate: 1.5% per month Number of Days Late: 45
Penalty Amount = Unpaid Tax Amount x Penalty Rate x (Number of Days Late / 365) Penalty Amount = $1,500 x 1.5% x (45 / 365) Penalty Amount = $27.74
Therefore, John would have to pay a penalty of $27.74 in addition to his unpaid tax amount of $1,500, bringing his total tax obligation to $1,527.74.
It's essential to note that the penalty rate applied by the county tax office may differ based on specific circumstances, such as the type of property, the year when the taxes were due, and other factors. As such, taxpayers are advised to contact the county tax office for more information on their penalty calculation.
In summary, Cocke County Property Tax penalty is based on an unpaid tax amount and the number of days the tax remains unpaid, with a penalty rate of 1.5% per month. Taxpayers are advised to pay their taxes on time to avoid penalties and additional charges from the county.
We recommend contacting the Cocke County Tax Office or a local tax professional for the most up-to-date and accurate information.