Example of Fall River County Property Tax Calculation
The Fall River County Property Tax calculation is determined based on the assessed value of the property and the current tax rate. The local government uses the assessed value of the property and multiplies it by the tax rate to determine the tax amount owed. For example, if a property in Fall River County is assessed at $100,000 and the tax rate is 2%, then the property owner would owe $2,000 in property taxes for that year. This calculation is done annually and property owners are given a timeline to pay their taxes to avoid any penalties.
If you want appeal your property tax assessment - contact your local tax assessor.
Fall River County Property Tax Rates
The Fall River County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $4.67 |
| Agricultural | $4.07 |
| Commercial | $5.24 |
| Industrial | $5.24 |
| Personal Property | $5.24 |
It is important to note that these rates may be subject to change and each individual property's assessed value may vary.
Who sets property tax rates in Fall River County ?
Fall River County Property Tax Rates: Who Sets Them and When?
Fall River County property tax rates are set by the Fall River County Board of Commissioners. The Board is responsible for determining the tax levy and rate each year, typically during its annual budgeting process. The property tax rate is then applied to the assessed value of each property within the county.
The assessed value of a property is determined by the Fall River County Assessor's Office. The assessment is based on the fair market value of the property as of January 1st of the assessment year.
Once the assessed values are determined and the tax levy is set by the Board, the tax rate is calculated. The property tax rate is expressed in mills, which is equal to one-tenth of a cent. For example, a tax rate of 100 mills would mean that a property owner would pay $1 in taxes for every $1,000 of assessed value.
The property tax bills are then sent out to property owners in November of each year, with payments due in two installments in December and April. Property owners who believe their assessed value or tax rate is incorrect may file an appeal with the Fall River County Board of Equalization.
Homestead exemptions in Fall River County ?
A table has been created below with columns for exemption, eligibility, amount, and notes for all county-specific Homestead exemptions and deductions in Fall River County, South Dakota. These exemptions and deductions are only applicable to eligible homeowners in Fall River County.
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner who owns and occupies a home in Fall River County as their primary residence | $4,883 | Applies to the first $100,000 of a property's assessed value |
| Elderly or Disabled Person Homestead Exemption | Any homeowner who is 65 years of age or older or who is permanently and totally disabled, and who owns and occupies a home in Fall River County as their primary residence | $4,883 | Applies to the first $100,000 of a property's assessed value |
| Disabled Veteran Homestead Exemption | Any veteran who has a service-connected disability of at least 50% and who owns and occupies a home in Fall River County as their primary residence | $100,000 | Applies to the first $100,000 of a property's assessed value |
| Paraplegic Homestead Exemption | Any homeowner who is a paraplegic and who owns and occupies a home in Fall River County as their primary residence | 100% exemption | Applies to the property's assessed value |
| Surviving Spouse of Armed Forces Member Homestead Exemption | Any surviving spouse of a member of the U.S. Armed Forces who was killed in action or died as a result of injuries sustained while on active duty, and who owns and occupies a home in Fall River County as their primary residence | $4,883 | Applies to the first $100,000 of a property's assessed value |
| Firefighters' Property Tax Exemption | Any firefighter who has served for a minimum of three years in a fire department in Fall River County | Varies | Applies to the property's assessed value and is determined by the local governing body |
It is important to note that additional requirements and documentation may be necessary to qualify for these exemptions and deductions. Homeowners in Fall River County are encouraged to contact their local county assessor's office for more information and to determine their eligibility.
When is Fall River County Property Tax due ?
Fall River County Property Tax typically due on the following dates:
| Due Date | Payment Method |
|---|---|
| April 30th | Online, by mail, or in-person at the County Treasurer's office |
| October 31st | Online, by mail, or in-person at the County Treasurer's office |
Property owners can choose to pay their property taxes online through the Fall River County Treasurer's website, by mailing a check to the treasurer's office, or by visiting the treasurer's office in-person.
It is important to note that if a property owner does not pay their property taxes by the due date, they may incur late fees or even risk having a lien placed on their property. It is recommended that property owners make their payments on time to avoid penalties.
Overall, property taxes in Fall River County are due twice a year, and property owners have multiple options for making their payments.
If you have more questions - contact your local tax collector.
How is Fall River County Property Tax penalty calculated ?
Fall River County Property Tax Penalty Calculation
Property taxes are an essential source of revenue for local governments, including Fall River County. Failure to pay property taxes on time may result in penalties and interest charges. The penalty is calculated based on a percentage of the delinquent tax amount and is added to the outstanding tax balance.
The penalty for late payment of Fall River County property taxes is 1.5% per month, starting on the first day of the month following the due date. For example, if the property tax is due by January 1st and not paid until February 15th, the penalty would be 3% (1.5% for January and 1.5% for February) of the delinquent tax amount.
To better understand the penalty calculation, consider the following example:
Property Tax Amount: $2,000 Due Date: January 1st Payment Date: March 1st
Delinquent Tax: $2,000 Penalty (1.5% per month): $60 Interest (1% per month): $20
Total Due: $2,080
In this scenario, the property owner is required to pay $2,080, including $2,000 for the delinquent tax, $60 for the penalty, and $20 for interest.
It is important to note that failure to pay property taxes can result in additional actions, including liens on the property, foreclosure, or legal action. Therefore, property owners are encouraged to make timely payments and to contact the Fall River County Treasurer's office if they have any questions or concerns.
We recommend contacting the Fall River County Tax Office or a local tax professional for the most up-to-date and accurate information.