Example of Goochland County Property Tax Calculation
Goochland County property tax calculation is based on the assessed value of the property determined by the county's Assessor's Office.
To calculate the property tax, the assessed value of the property is multiplied by the current tax rate. For example, if the assessed value of a property is $100,000 and the current tax rate in Goochland County is 0.80%, the property tax would be $800.
It is important to note that Goochland County offers a variety of exemptions and deductions that may lower the property tax amount. Homeowners may be eligible for exemptions such as the Homestead Exemption or the Disabled Veterans Exemption.
To find out more information about Goochland County property tax or to apply for any available exemptions, residents can contact the Goochland County Treasurer's Office.
If you want appeal your property tax assessment - contact your local tax assessor.
Goochland County Property Tax Rates
The Goochland County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $0.53 |
| Personal Property | $4.00 |
| Machinery and Tools | $3.50 |
| Mobile Homes | $0.53 |
| Merchants' Capital | $0.75 |
It is important for taxpayers in Goochland County to be aware of these rates when calculating their property tax obligations.
Who sets property tax rates in Goochland County ?
In Goochland County, property tax rates are set by the Board of Supervisors. This board is composed of five elected officials who are responsible for overseeing the county government and making decisions that impact the community.
The property tax rate is typically set during the annual budget process, which takes place in the spring. During this time, the Board of Supervisors reviews the county's financial situation and determines how much revenue will be needed to fund essential services and programs.
The property tax rate is expressed as a percentage of the assessed value of a property. The assessed value is determined by the Goochland County Assessor's Office, which evaluates the value of each property based on factors such as location, size, and condition.
It's important to note that property tax rates can vary from year to year and can be affected by changes in the county's financial situation, as well as by changes in state and federal laws. Property owners in Goochland County should always review their tax bills carefully to ensure that they are being charged the correct rate.
Homestead exemptions in Goochland County ?
To help taxpayers navigate the Homestead exemptions and deductions in Goochland County, Virginia, the following table outlines the different options available:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner | Up to $20,000 of assessed value | Must be the primary residence |
| Disabled Veteran Exemption | Veterans with a 100% permanent and total service-connected disability | Up to $10,000 of assessed value | Must have documentation from the VA |
| Surviving Spouse Exemption | Widows or widowers | Up to $20,000 of assessed value | Must have documentation proving the surviving spouse is entitled to the exemption |
| Elderly or Disabled Exemption | Individuals who are over 65 or permanently disabled | Up to $20,000 of assessed value | Combined income cannot exceed $72,000 per year |
It is important to note that these exemptions and deductions are specific to Goochland County and may vary from other counties in Virginia. Taxpayers should consult with a tax professional or the Goochland County government website for more information on eligibility and application processes.
When is Goochland County Property Tax due ?
Goochland County Property Tax is typically due on December 5th of each year. However, if December 5th falls on a weekend or holiday, the due date is extended to the next business day.
Goochland County offers several methods of payment for property taxes, including:
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Online Payment: Property owners can pay their taxes online using a credit/debit card or e-check through the official county website.
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Mail Payment: Property owners can also mail in a check or money order to the Goochland County Treasurer's Office. The mailing address is provided on the tax bill.
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In-Person Payment: Property owners can pay their taxes in person at the Goochland County Treasurer's Office during business hours. Cash, check, and credit/debit cards are accepted.
It is important to note that failure to pay property taxes by the due date may result in penalties and interest charges. Therefore, property owners are encouraged to pay their taxes in a timely manner to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Goochland County Property Tax penalty calculated ?
Goochland County Property Tax Penalty Calculation
Goochland County charges a penalty on late property tax payments. The penalty is calculated based on the amount of unpaid taxes and the number of days the payment is past due. The penalty rate is set at 10% per year, or 0.0274% per day. The penalty is applied to the total amount of unpaid taxes, including any interest or previous penalties.
For example, if a property owner owes $1,000 in property taxes and their payment is 15 days past due, the penalty would be calculated as follows:
Unpaid taxes: $1,000.00 Penalty rate: 0.0274% per day Number of days past due: 15
Penalty calculation: $1,000.00 x 0.0274% x 15 days = $4.11
In this scenario, the property owner would owe $1,004.11 in total, including the original $1,000 in unpaid taxes and the $4.11 penalty.
It is important to note that the penalty for late property tax payments in Goochland County can add up quickly, so it is recommended that property owners make their payments on time to avoid any additional fees.
We recommend contacting the Goochland County Tax Office or a local tax professional for the most up-to-date and accurate information.