Example of Desoto County Property Tax Calculation
Desoto County Property Tax is calculated based on the value of a property. For example, if a property is worth $100,000, the Property Appraiser will assess it at a certain percentage of its value, which is typically around 85-90%. This means that the assessed value of the property would be around $85,000-$90,000.
Once the assessed value is determined, the Property Appraiser will then apply the millage rate, which is the amount of tax per $1,000 of assessed value. For example, if the millage rate is 10 mills, then the property tax would be $10 per $1,000 of assessed value.
To calculate the property tax for a property assessed at $85,000 with a millage rate of 10 mills, you would simply multiply the assessed value by the millage rate and divide by 1,000. This would give you a property tax of $850 for that year.
It is important to note that other factors such as homestead exemptions and additional taxes for school districts or special districts may also affect the final property tax amount.
If you want appeal your property tax assessment - contact your local tax assessor.
Desoto County Property Tax Rates
Desoto County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.13 |
| County School | $1.85 |
| Municipal General | $0.74 - $1.08 |
| Municipal School | $0.00 - $1.00 |
| State School | $2.29 |
The county general and county school taxes are set by the county government and apply to all properties in the county. Municipalities within the county may also levy their own general and school taxes, resulting in a range of rates depending on the municipality. The state school tax is set by the state of Mississippi and applies to all properties in the state. It is important for property owners in Desoto County to understand these tax rates and how they may impact their property ownership and taxes.
Who sets property tax rates in Desoto County ?
Property Tax Rates in Desoto County, USA
Property tax rates in Desoto County are set by the local government, specifically by the Desoto County Board of Supervisors. The board of supervisors is responsible for determining the amount of property tax that is levied on each property owner within the county.
The property tax rate is determined annually, and is based on the assessed value of each property. The assessed value is determined by the Desoto County Tax Assessor's Office, which evaluates the market value of each property.
Property owners in Desoto County are required to pay property tax annually. The tax is due on or before January 31st of each year, and failure to pay may result in penalties and interest fees.
Overall, the property tax rate in Desoto County is relatively low compared to other counties in the state of Mississippi. This is due in part to the county's strong economic base, which is supported by a diverse range of industries including agriculture, manufacturing, and service.
Homestead exemptions in Desoto County ?
In Desoto County, Florida, there are several county-specific homestead exemptions and deductions that can help reduce property taxes. Let's take a look at some of the exemptions and deductions available:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must be a Florida resident and own the property as of January 1st of the tax year | Up to $50,000 of the assessed value of the property | Applies to all property types, including mobile homes |
| Senior Exemption | Must be 65 years or older and meet certain income requirements | Up to an additional $50,000 of assessed value | Must apply for the Homestead Exemption first |
| Widower Exemption | Must have been married to a person who was receiving a Homestead Exemption at the time of their death | Up to $500 of property tax reduction | Must apply within 2 years of the spouse's death |
| Disabled Veteran Exemption | Must be a veteran with a service-connected disability rating of at least 10% | Up to $5,000 of assessed value for a service-connected disability of 10-29% or up to the full assessed value for a disability rating of 30% or higher | Must provide proof of disability to the county property appraiser |
| Deployed Military Exemption | Must have been deployed outside of the United States in the previous year | Up to the full assessed value of the property | Must provide orders showing deployment dates to the county property appraiser |
It's important to note that eligibility requirements and exemption amounts may vary from county to county in Florida. Property owners in Desoto County should contact the county property appraiser's office for more information and to apply for these exemptions and deductions. By taking advantage of these opportunities, homeowners can potentially save hundreds or even thousands of dollars on their property taxes each year.
When is Desoto County Property Tax due ?
Desoto County Property Tax is typically due on or before February 1st of each year. However, taxpayers have the option to pay their property taxes in installments if they meet certain criteria. These installments are due on the following dates:
| Installment | Due Date |
|---|---|
| 1st | February 1st |
| 2nd | March 31st |
| 3rd | May 31st |
| 4th | July 31st |
The payment methods available to taxpayers include:
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Online: Payments can be made online through the Desoto County Tax Collector's website using a debit or credit card. A convenience fee is charged for this service.
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Mail: Payments can be mailed to the Desoto County Tax Collector's Office via check or money order. It is recommended that taxpayers mail their payments several days in advance of the due date to ensure timely processing.
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In Person: Payments can be made in person at the Desoto County Tax Collector's Office using cash, check, or money order. Credit and debit cards are not accepted in person.
To avoid late fees and penalties, taxpayers are encouraged to pay their property taxes on time and to keep track of the due dates for each installment if paying in installments.
If you have more questions - contact your local tax collector.
How is Desoto County Property Tax penalty calculated ?
Desoto County calculates property tax penalty based on the delinquent period and the tax amount owed. The penalty is a percentage of the unpaid taxes, and it increases over time. Here is an example to help understand how the penalty is calculated:
Let's say John owns a property in Desoto County and his property taxes for the year were $1,000. The property tax is due on December 31st, and John missed the deadline. He made the payment on January 15th of the following year.
| Delinquent Period | Penalty Rate | Penalty Amount |
|---|---|---|
| Jan 1 - Jan 31 | 3% | $30 |
In this example, John's penalty is calculated based on the period between January 1st and January 15th, which is 15 days. The penalty rate for this period is 3%, and the penalty amount is $30 (3% of $1,000). Therefore, John's total tax bill with penalty is $1,030 ($1,000 + $30).
If John fails to pay his property taxes for a longer period, the penalty rate will increase. For instance, if he pays on February 15th, the penalty rate will be 6% ($60), and his total tax bill will be $1,060.
It is important to note that the penalty continues to increase each month until the taxes are paid in full. Therefore, it is crucial to pay property taxes on time to avoid penalties and additional fees.
We recommend contacting the Desoto County Tax Office or a local tax professional for the most up-to-date and accurate information.