Example of Granville County Property Tax Calculation
Granville County Property Tax calculation is based on the assessed value of a property. The assessed value is determined by the county tax assessor's office and is a percentage of the property's market value.
For example, if a property in Granville County has a market value of $100,000 and the assessed value is 85%, then the assessed value would be $85,000.
To calculate the property tax, the assessed value is multiplied by the tax rate. The tax rate for Granville County is currently $0.72 per $100 of assessed value.
Using the above example, the property tax would be calculated as follows:
Assessed value: $85,000 Tax rate: $0.72 per $100 of assessed value
($85,000 รท 100) x $0.72 = $612
Therefore, the property tax for a property with a market value of $100,000 and an assessed value of 85% in Granville County would be $612.
If you want appeal your property tax assessment - contact your local tax assessor.
Granville County Property Tax Rates
Here is a formatted table listing the Granville County Property Tax rates in US dollars per $100 of assessed value:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County Property Tax | $0.86 |
| Municipal Property Tax (Oxford) | $0.54 |
| Municipal Property Tax (Butner) | $0.48 |
| Fire District Tax | $0.09 |
Please note that these rates are based on the current tax year and are subject to change. It is recommended to consult with a tax advisor for specific information on your property tax liabilities.
Who sets property tax rates in Granville County ?
Property Tax Rates in Granville County
Who sets the tax rates?
The Granville County Board of Commissioners is responsible for setting the property tax rates. They review the county's budget and determine the revenue needed to fund services such as schools, law enforcement, and infrastructure. Once they have established the necessary revenue, they set the tax rate to collect that amount.
When are the tax rates set?
The Board of Commissioners sets the property tax rates annually during the budget process. Typically, the budget process begins in late spring or early summer, and the final budget is adopted before the start of the fiscal year, which begins on July 1st. The tax rate is then applied to the assessed value of each property in the county, and property owners receive their tax bills in the mail in the fall.
If you have any questions about property taxes in Granville County, you can contact the county's tax office for assistance.
Homestead exemptions in Granville County ?
To help homeowners in Granville County, North Carolina navigate the various Homestead exemptions and deductions available to them, we have compiled a table including all of the county-specific offerings. The table includes four columns: exemption, eligibility, amount, and notes.
Here is a breakdown of the different options available:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled Exclusion | At least 65 years old or totally and permanently disabled | Up to $25,000 | Applies to property owned and occupied by the taxpayer |
| Disabled Veteran Exclusion | Service-connected disability rating of 100% or total and permanent disability due to military service | Up to $45,000 | Applies to property owned and occupied by the veteran |
| Circuit Breaker Tax Deferment | Household income under $31,000 and property valued under $200,000 | Deferred taxes until the property is sold or transferred | Interest accrues on deferred taxes |
| Present Use Value Assessment | Property used for agriculture, horticulture, or forestry | Reduced tax rate based on land use | Must meet specific requirements for land use |
| Elderly or Disabled Homestead Exclusion | At least 65 years old or totally and permanently disabled | Up to $25,000 | Applies to property owned and occupied by the taxpayer |
It is important to note that eligibility requirements and amounts may vary depending on individual circumstances. Homeowners in Granville County should consult with their local tax assessor's office to determine their eligibility and the specific details of each exemption and deduction.
By taking advantage of these Homestead exemptions and deductions, homeowners in Granville County can save on their property taxes and make homeownership more affordable.
When is Granville County Property Tax due ?
Granville County Property Tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to pay their taxes without incurring any penalties or interest.
There are several payment methods available to taxpayers. They can either pay their property taxes in person at the Granville County Tax Office, by mail, or online. To pay in person, taxpayers can visit the tax office located at 141 Williamsboro Street, Oxford, NC 27565. The tax office accepts cash, checks, money orders, and credit/debit cards as forms of payment.
To pay by mail, taxpayers can send a check or money order to the Granville County Tax Office at the same address mentioned above. It is important to note that taxpayers should include their tax bill or account number when sending their payment to ensure that it is processed correctly.
Finally, taxpayers can also pay their property taxes online using the Granville County Tax Office's website. Payments can be made using a credit/debit card or electronic check. To use this option, taxpayers will need to have their tax bill or account number handy.
In summary, Granville County Property Tax is due on September 1st of each year, with a grace period until January 5th of the following year. Taxpayers can pay in person, by mail, or online using various payment methods.
If you have more questions - contact your local tax collector.
How is Granville County Property Tax penalty calculated ?
Granville County Property Tax Penalty Calculation
When a property owner fails to pay their property tax on time, they will be charged a penalty fee. The penalty fee is calculated based on the tax amount that remains unpaid after the due date.
Here's an example to illustrate the calculation:
Suppose a property owner owes $2,000 in property tax to Granville County. The due date for payment is January 31st. Unfortunately, the property owner fails to pay on time and makes the payment on March 1st.
The penalty fee calculation will be as follows:
- First, a late payment penalty of 10% will be added to the $2,000 tax amount. This comes to $200 (10% of $2,000).
- Additionally, interest will be charged on the unpaid amount. In Granville County, the interest rate is 2% per month, or 24% per year. Since the payment is one month late, the interest charged will be 2% of the unpaid tax amount, which comes to $40 (2% of $2,000).
- The total penalty fee will be the sum of the late payment penalty and the interest charged, which is $240 ($200 + $40).
Therefore, in this scenario, the property owner will be charged a penalty fee of $240 on top of their $2,000 property tax.
It's important to note that property owners in Granville County have the option to set up a payment plan with the county to avoid penalties and interest charges. However, it's still best to pay property taxes on time to avoid any unnecessary fees.
We recommend contacting the Granville County Tax Office or a local tax professional for the most up-to-date and accurate information.