Example of Greenup County Property Tax Calculation
Greenup County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county's property valuation administrator (PVA) and is equal to 100% of the property's fair market value.
To calculate the property tax, the assessed value is multiplied by the tax rate set by the county. For example, if the assessed value of a property is $100,000 and the tax rate is 0.75%, the property tax would be $750 ($100,000 x 0.75%).
It's important to note that property taxes are used to fund essential services provided by the county, such as schools, law enforcement, and public works. The exact tax rate and assessment process may vary depending on the county and state.
If you want appeal your property tax assessment - contact your local tax assessor.
Greenup County Property Tax Rates
Here is a formatted table listing the Greenup County Property Tax rates in US dollars per $100 of assessed value:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County | $0.979 |
| City of Bellefonte | $0.145 |
| City of Greenup | $0.220 |
| City of Raceland | $0.235 |
| City of Russell | $0.210 |
It is important to note that these rates are subject to change and may vary based on the specific location and property. As a tax advisor, it may be beneficial for individuals to consult with their local tax authority or seek professional advice for further guidance on property taxes.
Who sets property tax rates in Greenup County ?
In Greenup County, property tax rates are set by the local government, namely the Greenup County Fiscal Court. The rates are established annually during a public hearing which typically takes place in the fall. The fiscal court takes into account various factors such as property values, revenue needs, and budget constraints when determining the rates. It is important for property owners in Greenup County to stay informed about the tax rates and any changes that may occur. Below is a table summarizing the property tax rates for Greenup County in 2021:
| Property Type | Tax Rate |
|---|---|
| Real Property | 0.303% |
| Tangible Property | 0.303% |
| Motor Vehicles | $15 per $1000 of assessed value |
Note that these rates may vary depending on the specific municipality or school district. It is recommended to consult with a local tax advisor for further information and guidance.
Homestead exemptions in Greenup County ?
Table: Homestead Exemptions and Deductions in Greenup County, Kentucky
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| County Exemption | Must be a permanent resident of Greenup County and own a property used as a primary residence | Up to $39,300 of the assessed property value | Must apply by March 1st of each year |
| Disability Exemption | Must be a permanent resident of Greenup County and have a permanent disability | Up to $37,600 of the assessed property value | Must provide proof of disability and apply by March 1st of each year |
| Veteran Exemption | Must be a veteran who has served during a war period and is a permanent resident of Greenup County | Up to $18,800 of the assessed property value | Must provide proof of service and apply by March 1st of each year |
| Agricultural Exemption | Must be a farmer who owns at least 10 acres of land used for agricultural purposes | Up to $3,000 of the assessed property value | Must provide proof of agricultural use and apply by March 1st of each year |
Notes:
- The county exemption is available to residents who own their primary residence, regardless of age or income.
- The disability exemption is available to residents who have a permanent disability that limits their ability to work or perform daily activities.
- The veteran exemption is available to residents who have served during a war period, which includes World War II, the Korean War, the Vietnam War, and the Gulf War.
- The agricultural exemption is available to residents who use their land for agricultural purposes, such as farming or raising livestock.
Greenup County, Kentucky offers several Homestead exemptions and deductions to eligible residents. These exemptions can help reduce the property tax burden for those who qualify.
Residents who meet the eligibility requirements for any of these exemptions can apply by March 1st of each year. They must provide the necessary documentation and proof of eligibility to be considered.
By taking advantage of these Homestead exemptions and deductions, eligible residents can save money on their property taxes and enjoy the benefits of living in Greenup County.
When is Greenup County Property Tax due ?
According to the Greenup County Property Valuation Administrator, property tax payments are typically due on October 1st each year. However, due to the ongoing COVID-19 pandemic, the deadline for the 2020 property tax payment has been extended to December 31st, 2020.
Payment methods for Greenup County property taxes include:
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In person: Payments can be made in person at the Greenup County Sheriff's Office located at 301 Main St, Greenup, KY 41144. Office hours are Monday through Friday, 8:00am to 4:00pm.
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By mail: Payments can be mailed to the Greenup County Sheriff's Office at the same address listed above. Payment should be made by check or money order, payable to "Greenup County Sheriff".
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Online: Payments can be made online through the official Greenup County Sheriff's Office website. Accepted payment methods include credit/debit cards and electronic checks. A convenience fee will be charged for online payments.
It is important to note that failure to pay property taxes on time can result in penalties and interest fees. Therefore, it is recommended to make payments on time or before the due date to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Greenup County Property Tax penalty calculated ?
Greenup County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, Greenup County imposes a penalty in accordance with Kentucky state law. The penalty is calculated based on the amount of unpaid taxes and the length of time they remain unpaid.
The penalty for delinquent property taxes in Kentucky is calculated as follows:
- 1% interest per month on the unpaid balance
- An additional 2% penalty after 45 days of delinquency
- An additional 2% penalty after 90 days of delinquency
- An additional 2% penalty after 135 days of delinquency
- An additional 2% penalty after 180 days of delinquency
Here's an example of how the penalty would be calculated for a property owner who is delinquent on their taxes:
- Property tax due: $2,000
- Date due: September 30th
- Date of payment: December 31st (3 months late)
Interest accrued (1% per month for 3 months): $60 45-day penalty (2% of $2,000): $40 90-day penalty (2% of $2,000): $40 135-day penalty (2% of $2,000): $40 180-day penalty (2% of $2,000): $40
Total penalty: $220
In this example, the property owner would owe $2,220 in total: the original $2,000 in taxes plus $220 in penalties. It's important to note that the penalty will continue to accrue until the taxes are paid in full.
If you own property in Greenup County, it's important to pay your property taxes on time to avoid penalties. If you do become delinquent, make sure to pay as soon as possible to minimize the amount of interest and penalties you'll owe.
We recommend contacting the Greenup County Tax Office or a local tax professional for the most up-to-date and accurate information.