Example of Craig County Property Tax Calculation
Craig County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county assesses the property at a certain percentage of its market value. For example, if a property is valued at $100,000 and the assessment ratio is set at 80%, then the assessed value would be $80,000.
Once the assessed value is determined, the county applies the tax rate to calculate the property taxes owed. In Craig County, the tax rate for the 2021 fiscal year is set at $0.89 per $100 of assessed value.
To calculate the property tax owed for a property assessed at $80,000 in Craig County, one would multiply the assessed value by the tax rate:
$80,000 x $0.89 per $100 = $712 in property taxes owed for the year.
It's important to note that property taxes are typically due in two installments, with the first half due by December 20th and the second half due by June 20th of the following year.
If you want appeal your property tax assessment - contact your local tax assessor.
Craig County Property Tax Rates
Craig County Property Tax Rates
|Tax||Rate per $100 of Assessed Value|
These are the current property tax rates for Craig County. The real, personal, and machinery taxes are all assessed at a rate of $0.92 per $100 of assessed value. This information is important for property owners in Craig County to understand their tax obligations and plan accordingly.
Who sets property tax rates in Craig County ?
Who sets property tax rates in Craig County?
Property tax rates in Craig County are set by the Craig County Board of Supervisors. The board is responsible for determining the tax rate each year in order to fund local government services and activities.
When are property tax rates set in Craig County?
The property tax rates in Craig County are set annually by the Board of Supervisors. The tax rates are typically adjusted each year and are based on the assessed value of the property.
How are property tax rates in Craig County calculated?
The property tax rates in Craig County are calculated based on the assessed value of the property. The assessed value is determined by the county assessor's office and is based on the fair market value of the property. The tax rate is then multiplied by the assessed value to determine the amount of property tax that is owed.
What is the current property tax rate in Craig County?
The current property tax rate in Craig County is $0.60 per $100 of assessed value. However, it is important to note that this rate can vary depending on the specific property and changes made by the Board of Supervisors each year.
Homestead exemptions in Craig County ?
To help the residents of Craig County, Virginia understand the Homestead exemptions and deductions available to them, we have compiled a comprehensive table with all the necessary information. Here are the details:
Homestead Exemptions and Deductions in Craig County, Virginia
|General Exemption||All residents of Craig County that occupy their homes||Up to $5,000 of the assessed value of the home||Must be filed before June 1st of the tax year and a copy of the deed or lease must be provided.|
|Elderly and Disabled Exemption||Residents that are at least 65 years old or have a disability||Up to $20,000 of the assessed value of the home||Must meet income and net worth requirements. Must be filed before June 1st of the tax year and a copy of the deed or lease must be provided.|
|Disabled Veterans Exemption||Veterans with a service-connected disability of at least 10%||Up to $10,000 of the assessed value of the home||Must be filed before June 1st of the tax year and a copy of the disability rating by the Veterans Administration must be provided.|
|Surviving Spouse Exemption||Surviving spouse of a member of the military who died in the line of duty||Up to $10,000 of the assessed value of the home||Must provide proof of eligibility and file before June 1st of the tax year.|
|Land Use Program||Landowners that use their land for agricultural or horticultural purposes||Reduction in assessment value based on use||Must file an application and comply with program requirements.|
It is important to note that these exemptions and deductions are specific to Craig County and may differ from other counties in Virginia. It is recommended that residents consult with their local tax assessor's office for more information.
We hope this table provides clarity on the Homestead exemptions and deductions available to the residents of Craig County, Virginia.
When is Craig County Property Tax due ?
Craig County Property Tax is typically due on December 5th of each year. There are several payment methods available for taxpayers to choose from. Here are the details:
|Online||Taxpayers can pay their property taxes online through the Craig County Treasurer's website. Payments made online are processed instantly and taxpayers can print their receipt for their records.|
|Taxpayers can mail their property tax payment to the Craig County Treasurer's office. The address is: Craig County Treasurer, P.O. Box 534, New Castle, VA 24127. Payments made through mail should be done by check or money order.|
|In-Person||Taxpayers can visit the Craig County Treasurer's office in person and pay in cash, check, or money order. The office is located at 108 Court St. New Castle, VA 24127.|
It's important to note that if the due date falls on a weekend or holiday, the due date will be the next business day. Taxpayers are encouraged to pay their property taxes on time to avoid penalties and interest charges.
If you have more questions - contact your local tax collector.
How is Craig County Property Tax penalty calculated ?
Craig County's Property Tax penalty is calculated based on a percentage of the unpaid tax amount. The penalty is added to the unpaid amount and accrues monthly until the taxes are paid in full. Here's an example:
- Property Tax Amount: $5,000
- Due Date: October 1st
- Penalty Percentage Rate: 10%
- Payment Received Date: November 15th
In this scenario, the property owner missed the due date by 45 days. The penalty percentage rate of 10% applies, which means the penalty amount is calculated as follows:
$5,000 x 10% = $500
So the unpaid tax amount plus the penalty is:
$5,000 + $500 = $5,500
Since the payment was received on November 15th, the penalty accrued for 2 months (October and November). The penalty amount for those 2 months is:
$5,000 x 10% x 2 / 12 = $83.33
Therefore, the total amount due is:
$5,500 + $83.33 = $5,583.33
It's important to pay property taxes on time to avoid penalty fees and interest charges. If you have any questions about Craig County's Property Tax penalty calculation or payment process, contact the county treasurer's office for assistance.
We recommend contacting the Craig County Tax Office or a local tax professional for the most up-to-date and accurate information.