Example of Iron County Property Tax Calculation
Iron County Property Tax is calculated based on the assessed value of a property. Here's an example of how the tax is calculated:
First, the county assessor assesses the value of the property at $200,000. Then, the county determines the tax rate for that year to be 1%, which is applied to the assessed value.
To calculate the property tax, you would multiply the assessed value ($200,000) by the tax rate (1%), which equals $2,000. This means that the property owner would owe $2,000 in property taxes for that year.
It's important to note that property tax rates can vary from year to year and can depend on factors such as the property's location and the assessed value.
If you want appeal your property tax assessment - contact your local tax assessor.
Iron County Property Tax Rates
The following table lists the Iron County Property Tax rates in US dollars and rates per $100 of assessed value.
| Tax | Rate per $100 of assessed value |
|---|---|
| County General | $0.65 |
| Schools | $2.50 |
| Road and Bridge | $0.20 |
| Solid Waste | $0.10 |
| Fire Protection | $0.05 |
| Library | $0.11 |
Please note that these rates may vary depending on the specific location within Iron County. It is always recommended to consult with a qualified tax professional for personalized advice.
Who sets property tax rates in Iron County ?
Who and When Sets Property Tax Rates in Iron County?
Iron County property tax rates are established by the Iron County Board of Supervisors annually. This board is comprised of elected officials who serve the county government in Wisconsin. Property tax rates are typically set during the budgeting process, which takes place in late summer and early fall each year. The tax rates are applied to the value of the property, as determined by the Iron County Assessor's Office, and the resulting tax bill is sent to property owners in December. The tax revenue generated from these property taxes is used to fund various county services and operations, such as schools, roads, public safety, and parks. Property owners in Iron County can contact their county supervisor or the assessor's office for more information on the property tax rates and how they are determined.
Homestead exemptions in Iron County ?
Table: Iron County Homestead Exemptions and Deductions
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be a homeowner | Up to $40,000 | Applies to primary residence |
| Veteran's Exemption | Must be a veteran | Up to $7,500 | Applies to primary residence |
| Disabled Veteran's Exemption | Must be a disabled veteran | Up to $22,500 | Applies to primary residence |
| Senior Citizen Exemption | Must be 62 years or older | Up to $10,000 | Applies to primary residence |
| Agricultural Exemption | Must be a farmer | Up to $7,500 | Applies to agricultural property |
| Religious Exemption | Must be a religious organization | Full exemption | Applies to property used exclusively for religious purposes |
| Eligible Manufacturing Personal Property (EMPP) Exemption | Must be a business with eligible manufacturing personal property | Varies | Applies to eligible manufacturing personal property |
| Principal Residence Exemption (PRE) | Must be a homeowner | Varies | Applies to primary residence and up to three acres of land |
Note: Eligibility and amounts may vary depending on specific circumstances. It is recommended to contact the Iron County Treasurer's Office for more information on eligibility and how to apply for these exemptions and deductions.
When is Iron County Property Tax due ?
Iron County Property Tax is typically due on February 1st of each year. However, taxpayers have the option of paying in two installments, with the first half of the payment due on February 1st and the second half due on July 1st.
There are several methods available for taxpayers to make their payments. They can choose to pay in person at the Iron County Treasurer's Office, located at 2 South 6th Street in Crystal Falls, Michigan. They can also mail in their payments to the same address or pay online through the county's website using a credit card or electronic check.
It is important to note that late payments are subject to penalties and interest, so taxpayers should be sure to make their payments on time. Additionally, if a property owner fails to pay their taxes for a certain period of time, the property may be subject to foreclosure.
Here is a summary of the due date and payment methods for Iron County Property Tax:
| Due Date | Payment Options |
|---|---|
| February 1st | In person at Iron County Treasurer's Office; Mail-in; Online with credit card or electronic check |
| July 1st (for those who pay in two installments) | In person at Iron County Treasurer's Office; Mail-in; Online with credit card or electronic check |
Overall, Iron County provides taxpayers with various options to pay their property taxes, making it convenient and accessible for everyone to comply with their financial obligations.
If you have more questions - contact your local tax collector.
How is Iron County Property Tax penalty calculated ?
Iron County calculates property tax penalties based on a percentage of the unpaid taxes. The penalty rate is 1.5% per month or 18% per year until the full amount is paid. Here's an example:
Let's say John owns a home in Iron County and his property taxes for the year are $5,000. He fails to pay the full amount by the due date of July 1st. On August 1st, the county will apply a penalty of $75, which is 1.5% of the unpaid $5,000. If John still doesn't pay by September 1st, the penalty will be $150 (1.5% of $10,000 - the original $5,000 plus the first penalty). This will continue each month until John pays the full amount owed.
Iron County also charges a $15 fee for each delinquent tax notice sent to the property owner. If John receives a delinquent notice, he will owe the original $5,000 plus any penalties and the $15 fee.
It's important to note that property tax penalties can add up quickly and become a financial burden. Property owners should make every effort to pay their taxes on time to avoid additional fees and penalties.
We recommend contacting the Iron County Tax Office or a local tax professional for the most up-to-date and accurate information.