Example of Gem County Property Tax Calculation
Gem County calculates property tax based on the assessed value of the property. The assessed value is determined by the county assessor's office, which evaluates the property's market value and applies a predetermined percentage to calculate the assessed value.
For example, if a property has a market value of $200,000 and the assessment rate is 25%, the assessed value would be $50,000. The property tax is then calculated based on the assessed value and the tax rate, which is set by the county.
Assuming the tax rate is 1%, the property tax would be $500 ($50,000 x 1%). This amount may be adjusted by other factors such as exemptions or special assessments.
It's important to note that property taxes are used to fund local services such as schools, roads, and public safety. Gem County residents can expect to receive a bill for property taxes annually and the payment is due by a specific date. Failure to pay property taxes can result in penalties and even the loss of the property through a tax sale.
If you want appeal your property tax assessment - contact your local tax assessor.
Gem County Property Tax Rates
Gem County Property Tax Rates
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.678 |
| School | $3.691 |
| City | $1.231 |
| Irrigation | $0.145 |
| Highway | $0.062 |
| Mosquito Abat | $0.155 |
| Fire District | $0.856 |
| Cemetery | $0.090 |
The table above provides the Gem County property tax rates in US dollars per $100 of assessed value. The county rate is $0.678, while the school rate is higher at $3.691. The city tax rate is $1.231, while the irrigation and highway rates are $0.145 and $0.062 respectively. The mosquito abatement rate is $0.155, and the fire district rate is $0.856. Lastly, the cemetery rate is $0.090.
Who sets property tax rates in Gem County ?
Who and When Sets Property Tax Rates in Gem County?
In Gem County, property tax rates are set by the county commissioners. They determine the tax rate based on the budget needs of the county and input from the public. The tax rate is typically set during a public hearing, which is held annually.
The tax rate is then applied to the assessed value of the property, which is determined by the Gem County Assessor's Office. The assessed value is based on the market value of the property and is recalculated every year.
Property taxes are due on December 20th of every year. Failure to pay property taxes can result in penalties and interest charges. It is important to note that property taxes are the main source of funding for local governments, such as schools and fire departments.
Therefore, it is important for property owners to stay informed about property tax rates and deadlines in Gem County. They can do so by regularly checking the Gem County website or contacting the county commissioner's office.
Homestead exemptions in Gem County ?
Gem County in Idaho offers a variety of Homestead exemptions and deductions for homeowners. Here is a breakdown of the available options:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Property Tax Reduction (Circuit Breaker) | 65 or older, disabled, or widowed | Varies based on income and home value | Must apply annually |
| Property Tax Reduction (Veterans) | Honorably discharged veterans | Varies based on level of disability | Must provide proof of service and disability |
| Homeowners Exemption | Homeowners who occupy their primary residence | Up to $100,000 of assessed value | Must apply within 20 days of receiving property assessment notice |
| Disabled Veterans Exemption | Honorably discharged veterans with service-related disabilities | Up to $150,000 of assessed value | Must provide proof of service and disability |
| Widow/Widower Exemption | Surviving spouse of homeowner who received Homeowners Exemption | Continues the exemption as long as the spouse remains in the home | Must apply within 1 year of spouse's death |
It's important to note that these exemptions and deductions are specific to Gem County in Idaho, and may not be available in other counties or states. Homeowners should consult with their local assessor's office to learn about the options available to them.
When is Gem County Property Tax due ?
Gem County Property Tax is typically due on December 20th of each year. The payment methods available for Gem County Property Tax are:
| Payment Method | Description |
|---|---|
| Online | Pay with a credit card or eCheck through the county's website |
| Send a check or money order with the payment stub included in the tax bill to the Gem County Treasurer's Office | |
| In-person | Pay with cash, check, or credit card at the Gem County Treasurer's Office during business hours |
It is important to note that late payments will result in penalties and interest fees. It is recommended to pay the property tax on time to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Gem County Property Tax penalty calculated ?
Gem County Property Tax Penalty Calculation
Gem County property tax penalty is calculated based on the amount of property tax owed and the number of days the payment is late. The penalty rate is set by the state and is typically a percentage of the unpaid tax. In Gem County, the penalty rate is 2% for the first month and an additional 1% for each subsequent month.
Example:
If a property owner in Gem County owes $1,000 in property taxes and fails to make the payment by the due date, the penalty calculation would be as follows:
| Month | Amount Owed | Penalty Rate | Penalty Amount |
|---|---|---|---|
| 1 | $1,000 | 2% | $20 |
| 2 | $1,000 | 3% | $30 |
| 3 | $1,000 | 4% | $40 |
| 4 | $1,000 | 5% | $50 |
Therefore, if the property owner pays the taxes in the fourth month, they would owe $1,140 ($1,000 original tax amount + $140 in penalties).
It is important to note that property tax payments are due on December 20th of each year. If payment is not made by the following June, the property may be subject to tax foreclosure. It is recommended that property owners pay their taxes on time to avoid penalties and potential foreclosure.
We recommend contacting the Gem County Tax Office or a local tax professional for the most up-to-date and accurate information.