Example of Henry County Property Tax Calculation
Henry County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office, and takes into account factors such as the size of the property, the type of property, and its location.
Property tax rates in Henry County are determined by the local government, typically as a percentage of the assessed value of the property. For example, if the tax rate is 2%, and the assessed value of a property is $100,000, the property tax owed would be $2,000.
It's important to note that property taxes in Henry County include not just the county's portion of the tax, but also taxes levied by other local governments such as cities, school districts, and special districts. The total amount of property tax owed will depend on the specific location and characteristics of the property.
Homeowners in Henry County can take advantage of certain tax exemptions and deductions, such as the Homestead Exemption, which can reduce the assessed value of their property for tax purposes. It's important to consult with a tax professional or the county assessor's office to understand the specific tax obligations for your property in Henry County.
If you want appeal your property tax assessment - contact your local tax assessor.
Henry County Property Tax Rates
The following table presents the property tax rates for Henry County in US dollars per 100$ of assessed value:
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| County | 0.66 |
| Municipal | 0.00 - 0.50 (depending on location) |
| School | 1.25 |
| State | 0.50 |
It is important to note that municipal tax rates vary depending on the location within the county. It is recommended that property owners check with their local municipality for specific rates.
Who sets property tax rates in Henry County ?
Property tax rates in Henry County are set by the Henry County Board of Assessors. This board is responsible for assessing the value of all taxable property in the county and determining the appropriate tax rate to apply. The tax rate is typically set annually and is based on a number of factors, including the county's budgetary needs and the assessed value of the property. Property owners in Henry County can expect to receive a notice of their property tax assessment and the corresponding tax rate each year. It is important for property owners to review this information carefully and to contact the Board of Assessors if they have any questions or concerns.
Homestead exemptions in Henry County ?
In Henry County, Illinois, there are various Homestead exemptions and deductions available to eligible residents. To help you navigate the different options available, let's break them down into four columns:
Table Columns
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior | Individuals 65 years and older | Up to $5,000 | Must apply annually by July 1st, income restrictions apply |
| General | All homeowners | Up to $6,000 | Must apply by December 31st, income restrictions apply |
| Disabled | Individuals with qualifying disabilities and income under $55,000 | Up to $2,000 | Requires annual application by July 1st |
| Veterans | Veterans with a 70% or greater service-connected disability | Up to $5,000 | Taxpayer must have been an owner and occupant of the property before entering service. |
| Home Improvement | Homeowners who have made improvements that increase the property's value | Up to $75,000 | Must apply for a building permit before beginning work. |
| Agricultural | Property that is used exclusively for agricultural purposes | Exemption of 10% of the property's assessed value | Must apply by December 31st, must meet certain requirements |
It's important to note that these exemptions and deductions are specific to Henry County and may vary in other counties throughout Illinois. To determine which exemptions and deductions you may be eligible for, contact your local county assessor's office.
When is Henry County Property Tax due ?
Henry County Property Tax is typically due on December 20th every year. The county government offers several convenient methods for taxpayers to make their payments. Below is a table summarizing the available payment options:
| Payment Method | Description |
|---|---|
| Online Payment | Taxpayers can pay their property taxes online through the county's website. This method accepts credit/debit cards and e-checks |
| Mail Payment | Taxpayers can mail their property tax payments to the county tax office. The address is listed on the tax bill |
| In-Person Payment | Taxpayers can make their property tax payments in-person at the county tax office. The office is open Monday-Friday from 8:30 am - 4:30 pm |
It is important to note that the county imposes penalties for late property tax payments. Late fees are charged at a rate of 5% of the unpaid balance for the first month, and an additional 1% each month thereafter until the balance is paid in full. Therefore, taxpayers are encouraged to make their payments on time to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Henry County Property Tax penalty calculated ?
Henry County Property Tax Penalty Calculation
Penalties for late payment of property taxes in Henry County are determined by the Georgia state law. The penalty is applied to any unpaid balance after the due date of the property tax bill. The county levies a 10% penalty on property taxes that remain unpaid after the due date, which is typically December 31st of the tax year.
Additionally, interest accrues at a rate of 1% per month, which is calculated on the unpaid taxes and the 10% penalty fee. The interest is calculated from January 1st of the following year until the taxes and penalties are paid in full.
Here's an example to illustrate how the penalty is calculated:
Suppose John Smith owns a house in Henry County and his property taxes are due on December 31st, 2021. He fails to pay the taxes due on time and owes $3,500 in outstanding property taxes.
- Penalty: 10% of $3,500 = $350
- Interest: (1% per month) x ($3,500 + $350) x 12 months (January - December of 2022) = $455
- Total Penalty and Interest: $350 + $455 = $805
Therefore, John Smith would owe $4,305 (original tax amount plus penalty and interest) if he paid his outstanding property taxes in January 2023.
It's important to note that the penalty and interest continue to accrue until the tax and penalties are paid in full. If the property taxes remain unpaid for an extended period of time, the county may take legal action to recover the debt, which could result in additional fees and expenses.
In conclusion, property owners in Henry County should ensure that they pay their property taxes on time to avoid penalties and interest charges. If payment cannot be made, it's important to contact the county tax office to discuss payment options or potential payment plans.
We recommend contacting the Henry County Tax Office or a local tax professional for the most up-to-date and accurate information.