Example of Fulton County Property Tax Calculation
Fulton County calculates property tax based on the value of the property. To determine the tax, the county uses the millage rate, which is a percentage of the property's value. For example, if the property value is $100,000 and the millage rate is 10 mills, the property tax would be $1,000 (100,000 x 0.01 x 10).
In addition to the millage rate, there are also exemptions and assessments that can affect the final tax amount. To calculate the property tax, one can use the Fulton County Property Assessment website or consult with a tax professional.
It's important to note that property taxes are used to fund public services such as schools, emergency services, and infrastructure, so paying property taxes is an important part of being a responsible citizen.
If you want appeal your property tax assessment - contact your local tax assessor.
Fulton County Property Tax Rates
The following table provides the Fulton County Property Tax rates in US dollars per 100$ of assessed value:
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| County Tax | 0.72 |
| Schools Tax | 20.37 |
| Municipal Tax | 5.45 |
| Fire Tax | 2.37 |
| Total Tax | 28.91 |
Property tax rates may vary based on the specific location within Fulton County. It is recommended to consult with a local tax advisor for personalized and up-to-date information.
Who sets property tax rates in Fulton County ?
Who sets property tax rates in Fulton County?
The Fulton County Board of Assessors is responsible for determining the value of all taxable property in Fulton County. They complete an annual assessment of all real estate and personal property in the county, which is used to calculate property taxes.
When are property tax rates set in Fulton County?
The Fulton County Board of Commissioners sets the property tax rates each year during their budget process. This typically occurs in the fall, with tax bills being mailed to property owners in the following months.
| Role | Responsibility |
|---|---|
| Fulton County Board of Assessors | Determines property values for tax purposes |
| Fulton County Board of Commissioners | Sets property tax rates during budget process |
Overall, the property tax rates in Fulton County are determined by both the assessed value of a property and the tax rate set by the Board of Commissioners.
Homestead exemptions in Fulton County ?
In Fulton County, Illinois, there are various Homestead exemptions and deductions available to eligible residents. Here is a breakdown of the exemptions, eligibility criteria, amount, and notes for each:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Resident, owns and occupies property as primary residence | Up to $6,000 in assessed value reduction | Must apply by December 31 of the assessment year |
| Senior Citizen Homestead Exemption | Resident, age 65 or older, owns and occupies property as primary residence | Up to $5,000 in assessed value reduction | Must apply by December 31 of the assessment year |
| Senior Citizen Assessment Freeze Homestead Exemption | Resident, age 65 or older, total household income under $65,000, owns and occupies property as primary residence | Freezes assessed value at base year level | Must apply by March 1 of the tax year |
| Disabled Veterans Homestead Exemption | Resident, honorably discharged veteran with at least a 30% service-connected disability, owns and occupies property as primary residence | Up to $70,000 in assessed value reduction | Must provide proof of disability to County Veteran Service Officer |
It's important to note that additional exemptions may be available based on specific circumstances, such as the Disabled Persons Homestead Exemption or the Returning Veterans' Homestead Exemption. Applicants should consult with the Fulton County Assessor's Office for more information.
Overall, these Homestead exemptions and deductions can provide significant savings for eligible residents in Fulton County, Illinois.
When is Fulton County Property Tax due ?
Fulton County Property Tax typically becomes due on October 1st of each year. Property owners have until December 1st to pay their property taxes without incurring any interest or penalty charges.
There are several payment methods available for property owners to pay their property taxes:
-
In-person: Property owners can visit any of the Fulton County Tax Commissioner's offices and pay their taxes in person using cash, check, or money order.
-
Online: Property owners can pay their property taxes online using a credit card or e-check through the Fulton County Tax Commissioner's website.
-
Mail: Property owners can mail their property tax payments to the Fulton County Tax Commissioner's office using a check or money order. The address can be found on the tax bill.
-
Drop-box: Property owners can also drop their property tax payments in one of the Fulton County Tax Commissioner's drop-boxes located throughout the county.
It is important to note that property taxes must be paid in full by the December 1st deadline to avoid penalties and interest charges. Property owners who are unable to pay their property taxes in full by the deadline can contact the Fulton County Tax Commissioner's office to discuss payment plan options.
If you have more questions - contact your local tax collector.
How is Fulton County Property Tax penalty calculated ?
Fulton County Property Tax Penalty Calculation
Property taxes are a significant source of revenue for local governments, and Fulton County is no exception. Property taxes are assessed annually based on the value of the property and are due on October 1st in Georgia. The penalty is assessed on any unpaid balance on November 16th.
The penalty for not paying the full amount of property taxes owed by the due date is calculated as follows:
-
1% Penalty: This penalty is calculated on the unpaid balance as of November 16th. For example, if the property taxes owed were $5,000 and only $4,000 was paid by the due date, the unpaid balance would be $1,000. The penalty for not paying the full amount of property taxes owed by November 16th would be 1% of $1,000 or $10.
-
1% Monthly Interest: Monthly interest will be assessed at a rate of 1% of the unpaid balance from November 16th until the taxes are paid in full. For example, if the unpaid balance is $1,000, the monthly interest rate would be $10.
-
Maximum Penalty: The maximum penalty that can be assessed is 20% of the unpaid balance. For example, if the unpaid balance is $1,000, the maximum penalty that can be assessed would be 20% or $200.
Therefore, it is important to pay property taxes on time to avoid the penalty and interest charges. The table below illustrates the penalty and interest charges for unpaid property taxes.
| Unpaid Balance | 1% Penalty | Monthly Interest | Maximum Penalty |
|---|---|---|---|
| $1,000 | $10 | $10 | $200 |
| $5,000 | $50 | $50 | $1,000 |
| $10,000 | $100 | $100 | $2,000 |
In conclusion, Fulton County property tax penalties are calculated based on the unpaid balance as of November 16th, monthly interest, and the maximum penalty of 20% of the unpaid balance. Not paying the property taxes on time can result in significant charges.
We recommend contacting the Fulton County Tax Office or a local tax professional for the most up-to-date and accurate information.