Drew County property tax

Example of Drew County Property Tax Calculation

In Drew County, property tax is calculated based on the assessed value of the property. The assessment rate is 20% of the fair market value of the property. For example, if the fair market value of a property is $100,000, the assessed value would be $20,000.

Next, the property is taxed at the millage rate, which is set by the county government. The millage rate is expressed in dollars per thousand dollars of assessed value. For instance, if the millage rate is $10 per thousand dollars of assessed value, the property tax would be $200 ($10 x $20,000).

It's important to note that exemptions may apply for certain types of property or individuals, such as senior citizens or disabled persons. These exemptions can reduce the assessed value and lower the amount of property tax owed.

Overall, the property tax calculation in Drew County is based on the assessed value of the property and the millage rate set by the county government.

If you want appeal your property tax assessment - contact your local tax assessor.

Drew County Property Tax Rates

Below is a table listing the Property Tax rates in Drew County, using the format: tax, rate per 100$ of assessed value.

As a tax advisor, it is important to stay informed about the tax rates in your area to better serve your clients. The above information can be helpful when advising clients on their property tax obligations in Drew County.

Who sets property tax rates in Drew County ?

The property tax rates in Drew County are determined by the Drew County Quorum Court. This group of elected officials meets regularly and sets the rates based on the county's budgetary needs. The property tax rates are typically set annually and are based on the value of the property being taxed. The rates are then applied to the assessed value of the property to determine the amount of tax owed. It is important for property owners in Drew County to stay up-to-date on the tax rates and any changes that may occur in order to properly budget for their tax obligations.

Homestead exemptions in Drew County ?

To assist taxpayers in Drew County, Arkansas, the following table outlines all county-specific homestead exemptions and deductions available.

Homestead Exemptions and Deductions in Drew County, Arkansas

It is important to note that these exemptions and deductions are specific to Drew County and may differ in other counties or states. Taxpayers should contact their local county tax assessor's office for more information or to apply for these exemptions and deductions.

When is Drew County Property Tax due ?

Drew County property tax is typically due on October 15th each year. However, if that date falls on a weekend or holiday, the due date will be the next working day. It is important to note that failing to pay property taxes by the due date can result in penalties and interest charges being added to the amount owed.

To make payment, property owners have a few options. They can pay in person at the Drew County Tax Collector's office, located at 210 South Main Street in Monticello, Arkansas. Alternatively, payments can be made by mail or online through the county's website. Accepted forms of payment include cash, check, and money order. Credit and debit card payments are also accepted, but additional fees may apply.

Here's a summary:

Drew County Property Tax Due Date

• Due Date: October 15th (or next working day if on a weekend or holiday)
• Penalty for Late Payment: Yes
• Interest Charges for Late Payment: Yes

Payment Methods

• In-person at Drew County Tax Collector's office
• By mail
• Online through the county's website

Accepted Forms of Payment

• Cash
• Check
• Money order
• Credit card (additional fees may apply)
• Debit card (additional fees may apply)

If you have more questions - contact your local tax collector.

How is Drew County Property Tax penalty calculated ?

Drew County Property Tax Penalty Calculation

Property owners in Drew County are required to pay their property taxes on time, failing which they could incur a penalty. The penalty is calculated by applying a formula that takes into account the unpaid taxes and the time period for which they remain unpaid.

The calculation of the penalty is based on the following factors:

• Unpaid taxes: This is the amount of property taxes that remain unpaid after the due date. For example, if a property owner owes $5,000 in property taxes and fails to pay it by the due date, the amount of unpaid taxes is $5,000.

• Penalty rate: The penalty rate is set by the Drew County authorities and is a percentage of the unpaid taxes. In the case of Drew County, the penalty rate is 10%.

• Time period: The penalty amount increases with time, so the time period for which the taxes remain unpaid is also taken into account. The time period is calculated in months.

Using the above factors, the penalty can be calculated as follows:

Penalty amount = Unpaid taxes x Penalty rate x Time period

Let's take an example to understand this better. John Smith owns a property in Drew County and owes $5,000 in property taxes. He fails to pay it by the due date, which was January 31. It is now March 31, which means that the taxes remain unpaid for 2 months.

The penalty in this case would be calculated as follows:

Penalty amount = $5,000 x 10% x 2 = $1,000

So, John Smith would incur a penalty of $1,000 in addition to the $5,000 in unpaid taxes.

It is important for property owners in Drew County to pay their property taxes on time to avoid incurring penalties. The penalty amount can add up quickly and become a significant burden on the property owner.

We recommend contacting the Drew County Tax Office or a local tax professional for the most up-to-date and accurate information.

Drew County tax offices:

• Drew County tax assessor
• Drew County tax collector
• Drew County tax commissioner
• Drew County tax appraiser
• Drew County tag office