Example of Edmonson County Property Tax Calculation
Edmonson County calculates property tax based on the assessed value of the property. The assessed value is determined by the county tax assessor's office and is typically a percentage of the property's market value. For example, if the market value of a property is $100,000 and the assessed value is 25%, then the assessed value would be $25,000.
Once the assessed value is determined, the county uses a tax rate to calculate the property tax owed. The tax rate is expressed as a percentage of the assessed value. For example, if the tax rate is 1% and the assessed value is $25,000, then the property tax owed would be $250.
It is important to note that some properties may be eligible for exemptions or special assessments that could lower the property tax owed. These exemptions and assessments vary by state and county, so it's important to check with the local tax assessor's office for more information.
Overall, the formula for calculating property tax in Edmonson County is:
Assessed Value x Tax Rate = Property Tax Owed
By staying informed about the assessed value and tax rate of their property, homeowners can better manage their finances and plan accordingly for property tax payments.
If you want appeal your property tax assessment - contact your local tax assessor.
Edmonson County Property Tax Rates
Here is a formatted table listing the Edmonson County Property Tax rates in US dollars per $100 of assessed value:
| Tax | Rate per $100 Assessed Value |
|---|---|
| General Fund | $0.195 |
| Road Fund | $0.085 |
| School District | $0.654 |
| Health Department | $0.015 |
| Library District | $0.052 |
| Extension District | $0.032 |
These rates are accurate as of the time of writing and are subject to change. It is important to consult with a qualified tax professional for personalized advice regarding your specific tax situation.
Who sets property tax rates in Edmonson County ?
Who sets property tax rates in Edmonson County?
The property tax rates in Edmonson County are determined by the Edmonson County Fiscal Court. The fiscal court is responsible for setting and approving the county's annual budget, which includes property tax rates.
When are property tax rates set in Edmonson County?
Property tax rates are typically set in Edmonson County during the annual budget process, which usually takes place in the spring or early summer. However, the specific timing can vary from year to year.
Once the fiscal court has approved the county's budget and property tax rates for the upcoming year, the rates are then sent to the Edmonson County Sheriff's Office for implementation and collection.
It's important to note that property tax rates can be affected by a variety of factors, such as changes in property values, local economic conditions, and state regulations. Homeowners and property owners in Edmonson County should consult with a qualified tax advisor for guidance on their specific tax situation.
Homestead exemptions in Edmonson County ?
To help homeowners in Edmonson County, Kentucky, understand their eligibility for Homestead exemptions and deductions, this table outlines the different options available to them. The table includes four columns – exemption, eligibility, amount, and notes – to provide a comprehensive overview of the county-specific exemptions and deductions.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Own and occupy the home as a primary residence as of January 1st of the current year | $39,300 assessed value exemption | Applies to all property taxes except for school taxes |
| Disability Exemption | Own and occupy the home as a primary residence and meet disability requirements | $39,300 assessed value exemption | Must provide proof of disability |
| Veteran's Exemption | Be a veteran or surviving spouse of a veteran and own and occupy the home as a primary residence | $39,300 assessed value exemption | Must provide proof of veteran status |
| Property Tax Exemption for Elderly and Disabled | Own and occupy the home as a primary residence and either be over 65 years old or have a disability | Varies based on income and age/disability status | Must provide proof of age/disability and meet income requirements |
It is important to note that some Homestead exemptions and deductions in Edmonson County may have specific eligibility requirements or limitations. Homeowners should consult with their local tax assessor's office to determine their eligibility and understand any additional requirements or necessary documentation.
In summary, the above table provides a concise overview of Homestead exemptions and deductions available for homeowners in Edmonson County, Kentucky. By understanding their eligibility and the potential savings, homeowners can take advantage of these exemptions and deductions and reduce their property tax burden.
When is Edmonson County Property Tax due ?
Edmonson County Property Tax is typically due on October 15th each year. However, if this date falls on a weekend or holiday, the due date will be the next business day. Property owners can pay their property taxes through several methods, including:
- Online: Property owners can pay their taxes online using the Edmonson County Tax Collector's website. They can pay using a credit or debit card, or an electronic check.
- By Mail: Property owners can mail their payment to the Edmonson County Tax Collector's office. The payment must be postmarked by the due date to avoid penalties.
- In Person: Property owners can pay their taxes in person at the Edmonson County Tax Collector's office. The office is located at 20 E. Jackson Street, Brownsville, KY 42210. The office is open Monday through Friday from 8:00 am to 4:00 pm.
It is important to note that late payments will result in penalties and interest. Property owners should make sure to pay their taxes on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
How is Edmonson County Property Tax penalty calculated ?
Edmonson County Property Tax Penalty Calculation
In Edmonson County, property tax is levied on real estate properties. Property owners are required to pay their annual property tax to the Edmonson County Sheriff's Office by January 31st of each year. Failure to make timely payments results in a penalty.
The penalty for late property tax payments in Edmonson County is calculated at a rate of 2% per month or partial month, starting February 1st. Therefore, if a property owner misses the January 31st deadline, they will incur a 2% penalty for the month of February. If the tax remains unpaid in March, the penalty will increase to 4% (2% for February and 2% for March), and so on.
Example:
Let's say John owns a property in Edmonson County, and the value of his property is assessed at $100,000. According to the county's tax rate of 0.024, John's annual property tax would be $2,400. If John fails to pay his property tax by January 31st, the penalty will start to accrue on February 1st at 2% of his tax bill, which is $48. If John pays his tax bill in full by February 28th, he will owe $2,448, which includes the $48 penalty. If John fails to pay until March 31st, his penalty will increase to $96, and his total bill will be $2,496.
Summary:
- Property tax in Edmonson County is due by January 31st of each year.
- Late payments incur a penalty of 2% per month or partial month.
- The penalty starts accruing on February 1st.
- The penalty is calculated based on the property tax bill amount.
- The rate of the penalty remains at 2% for the first month and increases by an additional 2% each month thereafter.
We recommend contacting the Edmonson County Tax Office or a local tax professional for the most up-to-date and accurate information.