Example of Iredell County Property Tax Calculation
Property tax in Iredell County is calculated based on the assessed value of the property owned by an individual. The county's tax rate for the fiscal year 2021-2022 is 0.525 cents per $100 of the assessed value.
To calculate the property tax, the assessed value of the property is multiplied by the tax rate. For example, if the assessed value of a property is $100,000, the property tax would be calculated as follows:
$100,000 (assessed value) x 0.00525 (tax rate) = $525 (property tax)
It is important to note that property tax rates may vary from year to year and can be affected by factors such as changes in the county's budget and property values. Property owners in Iredell County can consult the county's tax assessor's office for more information on their specific property tax calculation.
If you want appeal your property tax assessment - contact your local tax assessor.
Iredell County Property Tax Rates
Iredell County Property Tax rates for the year 2021 are listed below in a formatted table:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.5475 |
| Special Districts | $0.0250 - $1.15 |
| City/Town (if applicable) | Varies by municipality |
It's important to note that the tax rate for special districts can vary depending on the specific district. Additionally, for those who live within a city or town, the tax rate may vary depending on the municipality. As a tax advisor, it's important to stay up-to-date on these rates and advise clients accordingly.
Who sets property tax rates in Iredell County ?
Who sets property tax rates in Iredell County and when?
In Iredell County, the Board of County Commissioners is responsible for setting property tax rates annually. They typically do this during a public hearing held in June or July of each year. The rates are then applied to property values assessed by the county's tax assessor.
Here is a summary in a table format:
| Entity | Responsibility |
|---|---|
| Board of County Commissioners | Sets property tax rates annually |
| Tax Assessor | Determines the assessed property values |
| Public hearing | Held in June or July of each year |
Property owners can appeal their assessed property values if they believe they are inaccurate, but the property tax rate itself is set by the Board of County Commissioners. These taxes are used to fund various government services and programs, including schools, law enforcement, and public works.
Homestead exemptions in Iredell County ?
In Iredell County, North Carolina, homeowners can take advantage of several Homestead exemptions and deductions. The following table outlines the county-specific exemptions and deductions available:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or disabled | At least 65 years old or totally and permanently disabled | Up to $25,000 | Must apply by June 1st of the tax year |
| Disabled veteran | Totally and permanently disabled due to military service | Up to $45,000 | Must apply by June 1st of the tax year |
| Circuit breaker | Household income below $30,200 and property value below $240,000 | Varies based on income and property value | Must apply by June 1st of the tax year |
| Present Use Value | Owner must have qualifying agricultural or forestry use of the land | Varies based on land use | Must apply by January 31st of the tax year |
It's important to note that these exemptions and deductions may have specific qualifications and application deadlines. Homeowners in Iredell County should consult with their local tax assessor's office for more information and assistance in determining eligibility.
When is Iredell County Property Tax due ?
Iredell County Property Tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to pay their property taxes without incurring interest or penalties.
There are several payment methods available for Iredell County Property Tax. Taxpayers can make their payments either in person, by mail, or online.
In-person payment method
- Taxpayers can visit the Iredell County Tax Office located at 135 E. Water Street, Statesville, NC 28677 to make their payment in person.
- Payments can be made using cash, check, or money order.
Payment by mail method
- Taxpayers can mail their payment to the Iredell County Tax Office at P.O. Box 788, Statesville, NC 28687.
- Payments should be made by check or money order.
Online payment method
- Taxpayers can also make their payment online by visiting the Iredell County Tax Office website at https://www.co.iredell.nc.us/249/Tax-Office.
- Payments can be made using a credit card, debit card, or e-check.
It is important to note that if a taxpayer fails to pay their property taxes by the January 5th deadline, interest and penalties will begin to accrue on January 6th. Therefore, it is recommended that taxpayers make their payments on time to avoid additional fees.
If you have more questions - contact your local tax collector.
How is Iredell County Property Tax penalty calculated ?
Iredell County property tax penalty is calculated based on the amount of unpaid taxes and the number of days past the due date. Here's an example:
Let's say John owns a property in Iredell County and owes $1,000 in property taxes for the year 2020. The due date for payment is January 5, 2021. However, John fails to pay the full amount by the due date and instead pays it on February 1, 2021.
The penalty for late payment is calculated as follows:
- 2% penalty for the first month (January): $1,000 x 0.02 = $20
- Additional 3/4% penalty for each additional month (February): $1,000 x 0.0075 = $7.50
So the total penalty John would owe for paying his property taxes late would be $27.50.
It's important to note that this penalty is charged monthly and compounds on the unpaid balance. Therefore, the longer the payment is delayed, the higher the penalty will be.
To avoid penalties, it's recommended to pay property taxes on or before the due date. Late payment can also result in interest charges in addition to penalties.
We recommend contacting the Iredell County Tax Office or a local tax professional for the most up-to-date and accurate information.