Example of Hickory County Property Tax Calculation
Hickory 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 2%, the property tax would be $2,000.
To calculate the assessed value, the county uses the market value of the property and applies a percentage set by the state. In Hickory County, the percentage is 19%. So, if a property is worth $130,000, the assessed value would be $24,700 ($130,000 x 19%).
Once the assessed value is determined, the county applies the tax rate, which is set by the local government. The tax rate in Hickory County can vary depending on the location and type of property. The rate can range from 1% to 4%.
To pay the property tax, the owner can either pay the full amount due or make quarterly payments. Failure to pay property taxes can result in penalties and even the loss of the property through a tax sale.
Overall, understanding how Hickory County calculates property taxes can help property owners budget and plan accordingly for their tax payments.
If you want appeal your property tax assessment - contact your local tax assessor.
Hickory County Property Tax Rates
Here is a formatted table of Hickory County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.8490 |
| City | $0.6840 |
| School | $3.7370 |
| Fire | $0.3000 |
| Total | $5.5700 |
Note that the rates listed are per $100 of assessed value. The county tax rate is $0.8490, the city tax rate is $0.6840, the school tax rate is $3.7370, and the fire tax rate is $0.3000. The total property tax rate for Hickory County is $5.5700 per $100 of assessed value.
Who sets property tax rates in Hickory County ?
In Hickory County, property tax rates are set by the Hickory County Board of Commissioners. They review and approve the annual budget for the county, which includes the property tax rates. The rates are typically set in the fall, before the tax bills are mailed out in December. Property owners in Hickory County should be aware of these rates and plan accordingly for their tax payments.
Homestead exemptions in Hickory County ?
To assist homeowners in Hickory County, Missouri, the following table lists all county-specific Homestead exemptions and deductions, including their eligibility requirements, exemption amounts, and any accompanying notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be owner of the property and use it as primary residence | Up to $5,000 of assessed value | Must file application by March 1st |
| Senior Citizens and Disabled Persons Homestead Exemption | Must be 65 years or older, or disabled | Up to $10,000 of assessed value | Must file application by March 1st |
| Veterans Homestead Exemption | Must be a veteran who served during wartime or a veteran with a service-connected disability | Up to $100,000 of assessed value | Must file application by March 1st |
| Disabled Veterans Homestead Exemption | Must be a veteran with a service-connected disability | 100% exemption of assessed value | Must file application by March 1st |
| Agricultural Homestead Exemption | Must be owner of property and use it for agricultural purposes | Up to $5,000 of assessed value | Must file application by March 1st |
| Homestead Preservation Credit | Must have a household income of $30,000 or less | Credit based on income and property tax burden | Application automatically processed for eligible homeowners |
It is important to note that homeowners must file their applications for these exemptions and deductions by March 1st each year. Failure to do so may result in the loss of the benefit for that tax year. Homeowners should also familiarize themselves with the eligibility requirements and exemption amounts for each option to ensure they are receiving the maximum benefit available to them.
When is Hickory County Property Tax due ?
Hickory County Property Tax is typically due on December 31st of each year. Here are some of the payment methods available:
| Payment Method | Details |
|---|---|
| Property owners can mail their payments to the Hickory County Collector's Office. Make sure to include a self-addressed, stamped envelope for a receipt. | |
| Online | Property owners can pay their taxes online through the Hickory County Collector's website. They can use a credit card or electronic check to make the payment. |
| In Person | Property owners can pay their taxes in person at the Hickory County Collector's Office during business hours. They can pay with cash, check or money order. |
| Drop Box | There is also a drop box available outside of the Hickory County Collector's Office for property owners to drop off their payments after business hours. |
It's important to note that Hickory County charges interest and penalties for late payments. Therefore, it's recommended to pay the property tax on or before the due date to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Hickory County Property Tax penalty calculated ?
When it comes to property taxes in Hickory County, Missouri, there are penalties for late payments. Here's how the penalty is calculated:
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Due date: Property taxes are due on December 31st of each year.
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First penalty: If the taxes are not paid by January 31st, a penalty of 2% is added to the unpaid balance.
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Second penalty: If the taxes are not paid by February 28th, an additional penalty of 1% is added to the unpaid balance, plus an additional 1% for each month thereafter until paid in full.
For example, if a property owner owes $1,000 in taxes and does not pay by January 31st, the penalty will be $20 (2% of $1,000). If they still do not pay by February 28th, the penalty will increase to $30 (2% + 1% of $1,000), and will continue to increase by 1% per month until the taxes are paid in full.
It's important to note that these penalties are in addition to any interest that may accrue on the unpaid balance. Property owners should make every effort to pay their taxes on time to avoid these penalties and interest charges.
By understanding how the Hickory County Property Tax penalty is calculated, property owners can better plan and budget for their tax payments to avoid late fees and penalties.
We recommend contacting the Hickory County Tax Office or a local tax professional for the most up-to-date and accurate information.