Example of Highlands County Property Tax Calculation
Highlands County calculates property taxes based on the value of the property. The tax rate is determined by the county government and is expressed in mills. One mill is equal to one-tenth of a cent, or $1 for every $1,000 of a property's assessed value.
To calculate the property tax for a home in Highlands County, you would first need to know its assessed value. Let's say the assessed value of a home is $100,000. To determine the taxable value, you would subtract any exemptions or deductions that apply. For example, if there is a $25,000 homestead exemption on the property, the taxable value would be $75,000.
Next, you would multiply the taxable value by the millage rate. Let's say the millage rate for the county is 10 mills. To calculate the property tax, you would multiply $75,000 by 0.01 (10 mills is 0.01 in decimal form), which would give you $750.
Therefore, the property tax for a $100,000 home in Highlands County with a $25,000 homestead exemption and a 10 millage rate would be $750.
If you want appeal your property tax assessment - contact your local tax assessor.
Highlands County Property Tax Rates
Highlands County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.7500 |
| School Board Operations | $4.7934 |
| School Debt Service | $1.0000 |
| City of Avon Park | $5.5590 |
| City of Lake Placid | $6.2385 |
| City of Sebring | $6.1351 |
Note: These rates are subject to change and do not include any additional taxes or assessments that may apply to specific properties. It is recommended to consult with a professional tax advisor for personalized advice.
Who sets property tax rates in Highlands County ?
In Highlands County, the Board of County Commissioners is responsible for setting property tax rates on an annual basis. This typically occurs during budget meetings held in the summer months. The tax rate is determined by considering the county's revenue needs, ongoing expenses, and other factors. Property tax rates are established based on a percentage of the assessed value of real property in the area. The rate can vary depending on the location and type of property. It is important for property owners to understand their tax obligations and to stay up-to-date on any changes to rates or regulations.
Homestead exemptions in Highlands County ?
To help homeowners in Highlands County, Florida, understand the different Homestead exemptions and deductions available to them, we have compiled a list of county-specific information. Below is a table with four columns: exemption, eligibility, amount, and notes. This table will contain details on all the different options residents have for reducing their property taxes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must be the primary residence of the owner | Up to $50,000 | Applies to school taxes |
| Additional Homestead Exemption for Persons 65 and Older | Must be 65 or older, the primary residence of the owner, and household income of less than $30,174 | Up to $50,000 | Applies to non-school taxes |
| Additional Homestead Exemption for Persons with Disabilities | Must have a permanent disability and meet certain income requirements | Up to $50,000 | Applies to non-school taxes |
| Homestead Property Tax Discount for Veterans Age 65 and Older | Must be 65 or older, a veteran with a service-connected disability of at least 10%, and an honorable discharge | Varies based on the degree of disability | Applies to non-school taxes |
| Senior Exemption | Must be 65 or older, have a total household adjusted gross income of less than $30,174, and have a homestead exemption | Varies based on income | Applies to non-school taxes |
| Disabled Veteran Exemption | Must be a disabled veteran with a service-connected disability of at least 10% | Up to $5,000 | Applies to non-school taxes |
It's important to note that these exemptions and deductions may change over time, so it's best to check with the county tax assessor's office for the most up-to-date information. By taking advantage of these exemptions and deductions, homeowners can save hundreds or even thousands of dollars on their property taxes each year.
When is Highlands County Property Tax due ?
Highlands County Property Tax is typically due on March 31st of each year. However, taxpayers have the option to pay in installments with the first installment due by June 30th and the second by September 30th.
There are several payment methods available for Highlands County Property Tax including:
- Online payment through the Highlands County Tax Collector's website
- In-person payment at the Highlands County Tax Collector's office
- By mail using a check or money order
It's important to note that if payment is not received by the due date, penalties and interest will accrue on the amount owed.
To avoid any potential penalties, taxpayers should make sure to pay their property tax on time using one of the convenient payment methods available.
If you have more questions - contact your local tax collector.
How is Highlands County Property Tax penalty calculated ?
Highlands County calculates property tax penalties based on the amount of unpaid taxes and the date they were due. Here is an example of how the penalty is calculated:
Let's say that John owns a property in Highlands County and his property taxes were due on January 1st. However, he failed to pay them on time and now owes $5,000 in taxes. The penalty for late payment is 1.5% per month, so if John pays on February 1st, his penalty will be 1.5% of $5,000, or $75.
If John still doesn't pay his taxes by March 1st, the penalty will increase to 3% of the unpaid taxes, or $150. The penalty will continue to increase each month until the taxes are paid in full.
Here is a breakdown of the penalty calculation for John's late property tax payment:
| Due Date | Unpaid Taxes | Monthly Penalty Rate | Penalty |
|---|---|---|---|
| Jan 1st | $5,000 | N/A | N/A |
| Feb 1st | $5,000 | 1.5% | $75 |
| Mar 1st | $5,000 | 3% | $150 |
| Apr 1st | $5,000 | 4.5% | $225 |
| May 1st | $5,000 | 6% | $300 |
| Jun 1st | $5,000 | 7.5% | $375 |
| Jul 1st | $5,000 | 9% | $450 |
| Aug 1st | $5,000 | 10.5% | $525 |
| Sep 1st | $5,000 | 12% | $600 |
| Oct 1st | $5,000 | 13.5% | $675 |
| Nov 1st | $5,000 | 15% | $750 |
| Dec 1st | $5,000 | 16.5% | $825 |
As you can see, it is important to pay property taxes on time to avoid penalties. If you have any questions about property tax penalties in Highlands County, it is recommended to consult with a local tax professional or the county tax collector's office.
We recommend contacting the Highlands County Tax Office or a local tax professional for the most up-to-date and accurate information.