Example of Hyde County Property Tax Calculation
Hyde County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county's tax assessor will consider factors such as the size of the property, its location, and any improvements made to the property.
Once the assessed value has been determined, the county will multiply it by the current tax rate for the area. For example, if the assessed value of a property in Hyde County is $100,000 and the tax rate is $0.50 per $100 of assessed value, the property owner will owe $500 in property taxes for the year.
Property owners in Hyde County may also be eligible for certain tax exemptions or credits, such as those for senior citizens or individuals with disabilities. These exemptions and credits can lower the overall amount of property taxes owed.
It's important to note that property taxes are typically due annually and are used to fund various public services and initiatives in the county, such as schools, road maintenance, and public safety programs. Property owners can contact the Hyde County tax assessor's office for more information on their specific tax obligations and any available exemptions or credits.
If you want appeal your property tax assessment - contact your local tax assessor.
Hyde County Property Tax Rates
The Hyde County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.5575 |
| Fire District | $0.08 - $0.10 |
| Municipalities | Varies by location |
| Solid Waste | $0.01 |
Note: The Fire District tax rate varies depending on the location within Hyde County.
Who sets property tax rates in Hyde County ?
Property Tax Rates in Hyde County
The property tax rates in Hyde County are set by the Hyde County Board of Commissioners. They are responsible for establishing and adjusting the property tax rates on an annual basis.
The property tax rates are typically set during the budget process which takes place in June of each year. During this time, the Board of Commissioners reviews the county’s budget and determines the necessary tax rates to fund county services and operations.
It is important to note that property tax rates can vary based on the location and assessed value of the property. In Hyde County, property assessments are conducted by the Hyde County Tax Assessor’s Office.
If you have questions or concerns about your property tax rates, you can contact the Hyde County Tax Assessor’s Office to request a review or appeal of your property assessment.
| Who sets property tax rates? | Hyde County Board of Commissioners |
|---|---|
| When are property tax rates set? | Annually during budget process in June |
| How are property tax rates determined? | Based on county budget needs and property assessments |
| Can property tax rates vary? | Yes, based on location and assessed value of property |
Homestead exemptions in Hyde County ?
To help the residents of Hyde County, North Carolina navigate their Homestead exemptions and deductions, we've compiled a list of all county-specific information. Here is a table with columns for exemption, eligibility, amount, and notes for your convenience:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Property Tax Relief for Elderly or Disabled | - Age 65 or older - Permanently and totally disabled - Annual income not exceeding $30,200 | Up to $25,000 in assessed value | Must apply by June 1st |
| Property Tax Circuit Breaker | - Income less than $30,200 - Spent more than 4% of income on property taxes | Eligible for refund on amount exceeding 4% of income | Must apply by June 1st |
| Disabled Veteran | - Honorably discharged veteran with 100% permanent disability - Surviving spouse of veteran | Up to $45,000 in assessed value | Must apply by June 1st |
| Elderly or Disabled Exclusion | - Age 65 or older or totally/permanently disabled - Annual income not exceeding $30,200 | Up to $25,000 in assessed value | Must apply by June 1st |
| Present Use Value | - Agricultural or horticultural land - Forestland - Open space, including water bodies | Various | Must apply by January 1st |
It's important to note that all applications for exemptions and deductions must be made by the designated deadlines. Contact the Hyde County Tax Office for more information on eligibility and application procedures.
When is Hyde County Property Tax due ?
Hyde County Property Tax is typically due on September 1st of each year.
Here are the available payment methods:
| Payment Method | Details |
|---|---|
| Online | Payments can be made online through the county website using a credit or debit card. |
| Payments can be mailed to the county treasurer's office. | |
| In-person | Payments can be made in person at the county treasurer's office. |
It's important to note that late payments will result in penalties and interest fees. To avoid these fees, it's recommended that taxpayers pay their property tax on time.
If a taxpayer is unable to pay their property tax in full, they may be eligible for a payment plan. The county treasurer's office can provide more information about payment plans and eligibility requirements.
Overall, it's important for taxpayers in Hyde County to stay informed about property tax due dates and payment options to avoid any penalties or fees.
If you have more questions - contact your local tax collector.
How is Hyde County Property Tax penalty calculated ?
Hyde County calculates property tax penalties based on a set formula. The penalty is calculated at a rate of 5% of the unpaid tax amount for the first month, plus an additional ¾% for each subsequent month until the tax is paid in full.
To make it easier to understand, here is an example:
Let's say that John owns a property in Hyde County with a total tax bill of $10,000. However, John neglected to pay his property tax on time and it is now three months overdue.
Using the formula mentioned above, the penalty for John's late payment would be calculated as follows:
- First month penalty: $10,000 x 5% = $500
- Second month penalty: $10,000 x (5% + 0.75%) = $675
- Third month penalty: $10,000 x (5% + (0.75% x 2)) = $850
Therefore, John's total property tax penalty would be $2,025. This amount is added to his original tax bill of $10,000, resulting in a total amount due of $12,025.
It's important to note that the penalty will continue to increase each month until the tax is paid in full, so it is crucial to pay property taxes on time to avoid additional fees.
Here is a breakdown of the penalty calculation in the form of a table:
| Month Overdue | Penalty Rate | Penalty Amount |
|---|---|---|
| 1 | 5% | $500 |
| 2 | 5.75% | $675 |
| 3 | 6.5% | $850 |
| 4 | 7.25% | $1,025 |
| 5 | 8% | $1,200 |
| 6 | 8.75% | $1,375 |
So, if John's tax payment is six months overdue, the penalty amount would be $1,375.
We recommend contacting the Hyde County Tax Office or a local tax professional for the most up-to-date and accurate information.