Example of Graves County Property Tax Calculation
Graves County calculates property taxes based on the assessed value of the property. For example, if a property is assessed at $100,000, and the tax rate is set at 1.5%, the property tax calculation would be as follows:
- Multiply the assessed value by the tax rate: $100,000 x 0.015 = $1,500
- This is the amount of property tax owed for the year.
It's important to note that property taxes can vary depending on factors such as location, exemptions, and changes in tax rates. Property owners in Graves County should consult with their local tax assessor's office for more detailed information on their specific property tax calculation.
If you want appeal your property tax assessment - contact your local tax assessor.
Graves County Property Tax Rates
Here is a formatted table of the Graves County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.8220 |
| City of Mayfield | $0.4145 |
| City of Water Valley | $0.8000 |
The County tax rate is $0.8220 per $100 of assessed value. The City of Mayfield tax rate is $0.4145 per $100 of assessed value. The City of Water Valley tax rate is $0.8000 per $100 of assessed value. It's important to note that these rates are subject to change and should be verified with the appropriate authorities.
Who sets property tax rates in Graves County ?
Who sets property tax rates in Graves County?
The Graves County Property Valuation Administrator (PVA) sets the property tax rates. The PVA is responsible for determining the value of all real and personal property within Graves County, including land, buildings, and vehicles.
When are property tax rates set in Graves County?
Property tax rates in Graves County are set annually. The PVA assesses the value of all property within the county by January 1st of each year. The Graves County Fiscal Court then sets the property tax rates for the year, typically in the summer or fall. Property taxes are due by December 31st of each year.
Overall, property taxes are a critical source of revenue for local governments, including Graves County. Property taxes fund necessary services such as schools, road maintenance, and public safety. If you are a property owner in Graves County, it is important to stay up-to-date on property tax rates and deadlines to avoid penalties or additional fees.
Homestead exemptions in Graves County ?
Creating a table for county-specific Homestead exemptions and deductions in Graves County, Kentucky is an essential task for any homeowner. Here are the details you need to know:
Homestead Exemption Table
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be a Kentucky resident, must own and occupy the home as a primary residence as of January 1 | $39,300 | Applies to state, county, and school taxes |
| Disability Homestead Exemption | Must have a service-connected disability rating of at least 50% or be receiving disability payments from the VA for a non-service connected disability | $37,600 | Applies to state, county, and school taxes |
| Over 65 Homestead Exemption | Must be 65 years old as of January 1, or turn 65 during the year | $37,600 | Applies to state, county, and school taxes |
| Surviving Spouse Homestead Exemption | Must be the surviving spouse of someone who would have qualified for the General Homestead Exemption | $39,300 | Applies to state, county, and school taxes |
Homestead Deduction Table
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Deduction | Must be a Kentucky resident, must own and occupy the home as a primary residence as of January 1 | $3,000 | Reduces taxable assessment of property |
| Disability Homestead Deduction | Must have a service-connected disability rating of at least 50% or be receiving disability payments from the VA for a non-service connected disability | $7,500 | Reduces taxable assessment of property |
| Over 65 Homestead Deduction | Must be 65 years old as of January 1, or turn 65 during the year | $37,600 | Reduces taxable assessment of property |
It is important to note that these exemptions and deductions may change over time, so it's always best to verify the current details with your local county tax assessor's office.
When is Graves County Property Tax due ?
According to the Graves County Clerk's Office, the property tax is typically due on November 1st of each year. However, taxpayers have until January 31st of the following year to pay their taxes without penalty.
There are several payment methods that taxpayers can use to pay their property tax:
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In-person: Taxpayers can visit the Graves County Clerk's Office and pay in-person using cash, check, or money order.
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By mail: Taxpayers can also mail their payment to the Graves County Clerk's Office using a check or money order.
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Online: Taxpayers can pay their property tax online through the Graves County Clerk's website. The website accepts payments using a credit card or e-check.
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By phone: Taxpayers can also pay their property tax over the phone by calling the Graves County Clerk's Office and using a credit card or e-check.
It is important to note that if taxpayers fail to pay their property tax by the deadline, they could face penalties and interest charges. Therefore, it is recommended that taxpayers pay their property tax on time using one of the convenient payment methods listed above.
If you have more questions - contact your local tax collector.
How is Graves County Property Tax penalty calculated ?
Graves County Property Tax Penalty Calculation
Penalties for late payment of Graves County property taxes are calculated based on a percentage of the unpaid taxes. The penalty is added to the amount due and is paid at the time of payment. The calculation is as follows:
- For payments made after the due date but before 30 days past due, a penalty of 5% of the unpaid taxes is added.
- For payments made 30 days or more past due, an additional penalty of 10% of the unpaid taxes is added.
For example, if a property owner has an unpaid tax bill of $1,000 and the due date has passed, the penalty calculation would be as follows:
- If the payment is made within 30 days of the due date, a penalty of $50 (5% of $1,000) would be added, bringing the total amount due to $1,050.
- If the payment is made more than 30 days past the due date, an additional penalty of $100 (10% of $1,000) would be added, bringing the total amount due to $1,100.
It is important to note that interest is also charged on late payments at a rate of 1% per month or portion of a month past due. Therefore, the longer the payment is overdue, the more the total amount due will increase.
Property owners in Graves County can avoid penalties and interest by paying their property taxes on time. The due dates for property tax payments are typically on or before December 31st of each year, but it’s important to check with the Graves County Property Valuation Office for the exact due date.
We recommend contacting the Graves County Tax Office or a local tax professional for the most up-to-date and accurate information.