Example of Gogebic County Property Tax Calculation
Gogebic County calculates property taxes based on the assessed value of a property. The assessed value is determined by the county assessor's office, which takes into account factors like the property's size, location, and condition.
To calculate the property tax, the assessed value is multiplied by the county's millage rate, which is expressed in mills (one mill is equal to one-tenth of one percent or 0.001). For example, if the assessed value of a property is $100,000 and the millage rate is 20 mills, the property tax would be $2,000 (100,000 x 0.02).
It's worth noting that the millage rate can vary depending on where the property is located within the county and what types of local services are funded by property taxes. Additionally, there may be other fees or assessments that are added to the property tax bill, such as special assessments for road repairs or waste disposal.
Overall, property taxes are an important source of revenue for local governments, and they help fund essential services like schools, police and fire departments, and infrastructure improvements. By understanding how property taxes are calculated, homeowners can better plan and budget for their annual tax bills.
If you want appeal your property tax assessment - contact your local tax assessor.
Gogebic County Property Tax Rates
Here is a list of Gogebic County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Operating | $1.75 |
| County Debt Service | $0.20 |
| County Road Maintenance | $0.75 |
| County E911 | $0.45 |
| County Senior Millage | $0.50 |
| Bessemer City General Operating | $24.04 |
| Wakefield City General Operating | $23.16 |
| Ironwood City General Operating | $24.68 |
These rates are current as of the most recent available data and are subject to change. It is important to consult with a licensed tax advisor for specific information regarding property taxes in Gogebic County.
Who sets property tax rates in Gogebic County ?
In Gogebic County, the property tax rates are set by the County Board of Commissioners. This usually takes place annually, during a public meeting where the board members review and approve the budget for the upcoming fiscal year. The property tax rates are based on the assessed value of the property, which is determined by the County Assessor's Office. The County Board of Commissioners takes into account various factors, such as the cost of providing services and infrastructure to the community, when setting the property tax rates. Property owners in Gogebic County should receive a notice of their tax assessment and rate in the mail each year.
Homestead exemptions in Gogebic County ?
To assist homeowners in Gogebic County, Michigan, the following table lists all county-specific Homestead exemptions and deductions available. This information is current as of 2021, and readers are encouraged to verify details with the relevant county authorities before applying.
Homestead Exemptions and Deductions in Gogebic County, Michigan
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Principal Residence Exemption (PRE) | All homeowners | 18 mills | Reduces taxable value by 18 mills |
| Qualified Agricultural Property Exemption (QAP) | Property owners using land for agricultural purposes | Varies | Reduces taxable value based on usage |
| Veterans Exemption | Military veterans, surviving spouses, and active-duty service members | $7,500 | Based on eligibility criteria |
| Disabled Veterans Exemption | Veterans with a service-connected disability rating of 100% | 100% exemption | Applies to primary residence and up to 1.5 acres |
| Blind Person Exemption | Blind or visually impaired homeowners | $3,500 | Based on eligibility criteria |
| Personal Property Exemption | All homeowners | Varies | Based on eligible personal property |
| Farmland Preservation Tax Credit | Property owners using land for agricultural purposes | 20% | Based on eligible criteria |
Homeowners may apply for these exemptions and deductions through the Gogebic County Property Assessment office. Additionally, eligible homeowners may apply for multiple exemptions, and exemptions do not affect eligibility for other deductions or credits. It is important to note that eligibility criteria and amounts may vary based on individual circumstances, so homeowners are encouraged to seek guidance from tax professionals or the county authorities before applying.
When is Gogebic County Property Tax due ?
Gogebic County Property Tax is typically due on February 14th of each year. However, if this date falls on a weekend or holiday, the due date will be the next business day.
There are several payment methods available for property taxes in Gogebic County. These include:
| Payment Method | Description |
|---|---|
| In Person | Property tax payments can be made in person at the Gogebic County Treasurer's Office located in the Courthouse Annex Building in Bessemer. Cash, check, or money order are accepted. |
| By Mail | Property tax payments can also be mailed to the Gogebic County Treasurer's Office. Checks or money orders should be made payable to "Gogebic County Treasurer". |
| Online | Property tax payments can be made online through the Gogebic County website. There is a convenience fee associated with this payment method. |
| Automatic Withdrawal | Property owners can set up automatic withdrawal to have their property taxes paid directly from their bank account. |
It is important to note that failure to pay property taxes by the due date can result in penalties and interest charges. Property owners should ensure that they have paid their property taxes on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
How is Gogebic County Property Tax penalty calculated ?
The penalty for Gogebic County Property Tax is calculated using a simple formula based on the amount of tax owed and the number of days by which the payment is overdue. Here's an example to illustrate how it works:
Let's say that John owns a property in Gogebic County and his property tax bill for the year is $2,000. The due date for payment is February 28th, but John misses the deadline and makes the payment on March 15th. This means that he is 15 days overdue.
To calculate the penalty, Gogebic County will charge John 1% of the amount due for each month or partial month that the payment is late. So in this case, John's penalty would be calculated as follows:
- 1% penalty for the month of March (15 days late) = $20
- 1% penalty for the month of April = $20
Therefore, John's total penalty would be $40 (or 2% of the $2,000 tax bill) in addition to the original amount owed.
It's important to note that this penalty is in addition to any interest that may be charged on the late payment. Gogebic County also has a policy of charging a $10 fee for any returned checks.
By understanding how the penalty is calculated, property owners in Gogebic County can make sure to pay their property taxes on time and avoid unnecessary fees and charges.
We recommend contacting the Gogebic County Tax Office or a local tax professional for the most up-to-date and accurate information.