Example of Franklin City Property Tax Calculation
To calculate the property tax in Franklin City, the government assesses the value of the property in question. Let's say a person owns a home in Franklin City worth $100,000. The local government assesses the property at a rate of 1%, which means the assessed value of the property is $1,000.
To determine the property tax, the assessed value of the property is multiplied by the tax rate, which is set by the local government. In Franklin City, let's say the tax rate is 2%. Thus, the property tax owed for that $100,000 home would be $2,000 (1,000 x 0.02).
It's important to note that property taxes in Franklin City may also include additional fees or assessments for services such as trash collection or stormwater management. These fees are typically added to the base property tax amount.
Overall, calculating property taxes in Franklin City involves assessing the value of the property and applying the local tax rate to determine the amount owed.
If you want appeal your property tax assessment - contact your local tax assessor.
Franklin City Property Tax Rates
Here is a formatted table listing the Franklin City Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential Property | $1.25 |
| Commercial Property | $1.75 |
| Personal Property | $1.50 |
Please note that these rates are subject to change and residents should consult with a tax advisor for personalized advice.
Who sets property tax rates in Franklin City ?
Who sets property tax rates in Franklin City? The Franklin City Council is responsible for setting property tax rates. The council is made up of elected officials who represent the interests of the community. They work together to determine the appropriate tax rates based on the needs of the city and the budget available.
When are property tax rates set in Franklin City? Property tax rates in Franklin City are typically set in the early fall of each year. The council reviews the budget and makes any necessary adjustments before establishing the final tax rates. Property owners are informed of the new rates in the late fall and are required to pay their taxes by the end of the year.
Homestead exemptions in Franklin City ?
To help homeowners in Franklin City, Virginia, understand their eligibility for Homestead exemptions and deductions, the following table is provided:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly and disabled exemption | Age 65 or older or permanently disabled | $1,000 | Must submit proof of age or disability |
| Veterans exemption | Honorably discharged veteran | $1,000 | Must have served during war time |
| Personal property exemption | Homeowners with a net worth under $25,000 | $1,000 | Applies to tangible personal property |
| Property tax relief for the elderly and disabled | Age 65 or older or permanently disabled | Varies based on income | Must submit proof of age or disability and meet income requirements |
| Land preservation exemption | Land used for agriculture or forestry | Varies based on land use and value | Must apply and meet eligibility requirements |
It's important to note that these exemptions and deductions are specific to Franklin City and may vary in other areas of Virginia. Homeowners should also be aware that eligibility requirements and amounts are subject to change and should check with their local government for the most up-to-date information.
When is Franklin City Property Tax due ?
According to the Franklin City website, property taxes are typically due on December 5th of each year. However, if that date falls on a weekend or holiday, the deadline is extended to the next business day.
There are several payment methods available to residents:
- Online: Residents can pay their property taxes online through the city's website using a credit card, debit card, or e-check.
- Mail: Payments can be mailed to the city's tax office along with a check or money order. The address is listed on the tax statement.
- In person: Payments can be made in person at the city's tax office during regular business hours using cash, check, or money order.
It's important to note that late payments are subject to penalties and interest fees. So, make sure to mark your calendars and pay your property taxes on time to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Franklin City Property Tax penalty calculated ?
Property taxes are a necessary expense for homeowners in Franklin City, but failing to pay them on time can result in hefty penalties. Here's how the penalty is calculated:
- For each month that the property tax is late, a penalty of 1% of the total tax due is added.
- The maximum penalty is 15% of the total tax due.
To make it easier to understand, let's take an example:
- John owns a house in Franklin City and his property tax was due on January 1st, 2021 with a total of $5,000.
- John fails to pay his property tax until April 1st, which means it is three months late.
- For each month that the property tax is late, a penalty of 1% of the total tax due is added. In John's case, the penalty would be 1% x $5,000 = $50 for each month late, so a total of $150.
- The maximum penalty for late payment is 15% of the total tax due. In John's case, the maximum penalty would be $750 (15% x $5,000).
- Therefore, John would have to pay a total of $5,000 (property tax) + $150 (penalty for being three months late) + $750 (maximum penalty) = $5,900.
In conclusion, it's important to pay property taxes on time to avoid unnecessary penalties.
We recommend contacting the Franklin City Tax Office or a local tax professional for the most up-to-date and accurate information.