Example of Freeborn County Property Tax Calculation
Freeborn County calculates property taxes based on the value of each property. The tax rate is determined by the county government, and it varies from year to year. The formula for calculating the property tax is straightforward.
To find the amount of property tax, the property’s assessed value is multiplied by the tax rate. For example, if a property has an assessed value of $100,000, and the tax rate is 2%, the property tax would be $2,000.
It is important to note that the assessed value of a property is not always the same as the market value. The assessed value is determined by the county assessor based on a variety of factors, including the property’s location, size, and condition.
In Freeborn County, property taxes are due in two installments, with the first payment due on May 15th and the second payment due on October 15th. Failure to pay property taxes can result in late fees and penalties, so it is important to pay on time.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Freeborn County ?
In Freeborn County, property tax rates are set by the Freeborn County Board of Commissioners. The board typically sets the tax rates annually, usually during the budget preparation process in the fall. These rates are based on the county's budget and financial needs for the coming year. The property tax rates are applied to the assessed value of properties in the county to determine the amount of taxes owed. It is important for property owners in Freeborn County to stay informed about changes in tax rates and how they may impact their tax bills.
Freeborn County Property Tax Rates
The following table lists the Freeborn County property tax rates as of the current year:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General | $1.073 |
| County Transportation | $0.070 |
| County Agricultural Preserves | $0.018 |
| County Water Management | $0.012 |
| County Extension | $0.014 |
| Soil and Water Conservation | $0.005 |
| County Library | $0.016 |
| City of Albert Lea | $0.686 |
| City of Alden | $0.813 |
| City of Clarks Grove | $1.168 |
| City of Emmons | $1.247 |
| City of Freeborn | $1.194 |
| City of Geneva | $1.228 |
| City of Glenville | $1.048 |
| City of Hartland | $1.128 |
| City of Hayward | $1.223 |
| City of Hollandale | $1.201 |
| City of Manchester | $1.249 |
| City of Twin Lakes | $1.243 |
It is important to note that property tax rates can vary from year to year and may change based on the assessed value of the property. Property owners should consult with a tax professional for personalized advice.
When is Freeborn County Property Tax due ?
Freeborn County Property Tax is typically due on May 15th of each year. However, if the due date falls on a weekend or holiday, the deadline will be extended to the next business day.
There are several payment methods available for Freeborn County Property Tax. These include:
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Online: Property owners can pay their taxes online using the county's website.
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Mail: Property owners can mail their payment to the county treasurer's office.
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In-person: Property owners can pay in person at the county treasurer's office during regular business hours.
It's important to note that property owners who choose to pay in person should bring their tax statement with them to ensure proper processing.
In addition to the above payment methods, Freeborn County also offers a pre-payment plan. This plan allows property owners to make partial payments throughout the year, which can help to spread out the cost of their property taxes.
Overall, Freeborn County offers several convenient payment options for property owners to ensure that their property taxes are paid in a timely manner.
If you have more questions - contact your local tax collector.
Homestead exemptions in Freeborn County ?
To help homeowners in Freeborn County, Minnesota, here is a comprehensive table with all the county-specific Homestead exemptions and deductions available. The table consists of four columns:
| Column | Description |
|---|---|
| Exemption | The type of exemption or deduction |
| Eligibility | The criteria homeowners must meet to qualify |
| Amount | The value or percentage of the exemption/deduction |
| Notes | Additional information or requirements |
Below are the Homestead exemptions and deductions for Freeborn County:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead | Own and occupy the property as the primary residence | Up to $37,000 in market value | Must apply by December 15 |
| Blind | Blind or substantially visually impaired | Up to $120,000 in market value | Must provide a certificate from a qualified physician |
| Disabled | Disabled or receiving disability benefits | Up to $120,000 in market value | Must provide proof of disability |
| Agricultural | Property used for agriculture | Up to 50% reduction in taxes | Must meet specific requirements |
| Green Acres | Property used for agriculture or enrolled in conservation programs | Up to 90% reduction in taxes | Must meet specific requirements |
It's essential to note that homeowners must apply for these exemptions and deductions by the appropriate deadlines and provide all necessary documentation. Homeowners also need to renew their exemptions/deductions regularly.
By utilizing these Homestead exemptions and deductions, homeowners in Freeborn County can save money on their property taxes and receive critical assistance.
How is Freeborn County Property Tax penalty calculated ?
Freeborn County Property Tax Penalty Calculation:
The penalty for late payment of property tax in Freeborn County is calculated based on the amount of tax that was unpaid after the due date. The penalty is a percentage of the unpaid amount and increases over time until the tax is paid in full.
Here is an example of how the penalty is calculated for a property tax bill of $1,000 in Freeborn County:
| Time Elapsed | Penalty Percentage | Penalty Amount |
|---|---|---|
| 1-30 days | 2% | $20 |
| 31-60 days | 4% | $40 |
| 61-90 days | 6% | $60 |
| 91-120 days | 8% | $80 |
| Over 120 days | 10% | $100 |
If the property tax bill of $1,000 is not paid by the due date, a penalty of 2% ($20) will be added to the unpaid amount. If the tax remains unpaid for up to 30-60 days, the penalty will increase to 4% ($40). This penalty will continue to increase at the rate of 2% for every 30-day period that the tax remains unpaid, up to a maximum penalty of 10% ($100) after 120 days.
It is important for property owners in Freeborn County to pay their property taxes on time to avoid these penalties. If you have questions or concerns about your property tax bill or penalty, you can contact the Freeborn County Treasurer's Office for assistance.
We recommend contacting the Freeborn County Tax Office or a local tax professional for the most up-to-date and accurate information.