Who sets property tax rates in Iroquois County ?
In Iroquois County, property tax rates are determined by the County Board. This board consists of 14 members who are elected for four-year terms. The County Board is responsible for setting the tax rates on all types of property within the county, including residential, commercial, and industrial properties. Property taxes are typically assessed annually based on the value of the property, and the tax rates are set by the board after taking into account the county's budget and financial needs. It is important to note that property tax rates can vary from year to year and can be affected by changes in the local economy, demographics, and other factors.
Example of Iroquois County Property Tax Calculation
The Iroquois County Property Tax calculation is based on a few key factors. To determine the property tax, the local government assesses the value of the property and applies a tax rate.
For example, let's say a home in Iroquois County is assessed at $200,000. The tax rate for that area is 1.5%. To calculate the property tax, you would multiply the assessed value ($200,000) by the tax rate (1.5%). This would result in a property tax of $3,000.
It's important to note that property tax rates can vary depending on the location within Iroquois County, as well as any local tax levies or exemptions. Homeowners in Iroquois County can consult with their local government or a tax professional for more information on their specific property tax situation.
If you want appeal your property tax assessment - contact your local tax assessor.
Iroquois County Property Tax Rates
Here is a formatted table of the current Iroquois County Property Tax rates, listed in terms of tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.7800 |
| County Public Safety Fund | $0.1000 |
| County Road and Bridge Fund | $0.3000 |
| County Health Department Fund | $0.0500 |
| County Soil and Water Conservation Fund | $0.0180 |
| County Mental Health Fund | $0.1000 |
| County Enterprise Zone Fund | $0.0050 |
| County Insurance Fund | $0.1000 |
| County Economic Development Fund | $0.0250 |
| County Animal Control Fund | $0.0250 |
| County Housing Authority Fund | $0.0500 |
It is important for property owners in Iroquois County to understand these rates and how they impact their overall tax bill. A tax advisor can help individuals navigate the complexities of property taxes and provide guidance on how to minimize their tax liability.
How is Iroquois County Property Tax penalty calculated ?
Iroquois County Property Tax Penalty Calculation
Iroquois County imposes penalties on late property tax payments. Here's how it's calculated:
- The tax bill is due on June 1st of each year.
- If not paid by August 1st, a 1.5% penalty is added.
- On September 1st, an additional 1.5% penalty is added.
- On October 1st, an additional 1.5% penalty is added.
- If the tax bill remains unpaid after October 1st, the property is eligible for tax sale.
Example:
John owns a property in Iroquois County and his tax bill is $1,000 for the year. He misses the June 1st deadline and pays on August 15th. His penalty would be calculated as follows:
- $1,000 x 1.5% = $15
- $1,000 + $15 = $1,015
If John still hasn't paid by September 1st, an additional 1.5% penalty would be added. If he still hasn't paid by October 1st, another 1.5% would be added. It's important to pay property taxes on time to avoid penalties and potentially losing your property to tax sale.
Homestead exemptions in Iroquois County ?
To assist homeowners in Iroquois County, Illinois, the following table outlines all county-specific Homestead exemptions and deductions.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be the primary residence of the owner as of January 1st of the tax year | Up to $6,000 off the equalized assessed value (EAV) of the property | N/A |
| Senior Citizen Homestead Exemption | Must be 65 years or older as of January 1st of the tax year and have a total household income of less than $65,000 | Up to $8,000 off the EAV of the property | Must reapply every year |
| Home Improvement Exemption | Must have made improvements to the property that increase its value by at least 25% and have a total cost of at least $5,000 | Up to $25,000 off the EAV of the property | Expires after 4 years |
| Disabled Veterans' Standard Homestead Exemption | Must be a veteran with a service-connected disability of at least 30% or more | Up to $70,000 off the EAV of the property | Expires when the veteran dies |
| Returning Veterans Homestead Exemption | Must have served in the military during a time of conflict and have returned from deployment within the past 2 years | Up to $5,000 off the EAV of the property | Expires after 2 years |
It is important to note that these exemptions and deductions are subject to change and homeowners should confirm their eligibility and the amount of the exemption or deduction with the Iroquois County Assessor's Office.
When is Iroquois County Property Tax due ?
Iroquois County Property Tax Due Date and Payment Methods
Property taxes in Iroquois County, Illinois are typically due on the following schedule:
| Installment | Due Date |
|---|---|
| First Installment | June 1st |
| Second Installment | September 1st |
It's important to note that these due dates may vary slightly from year to year, so it's always a good idea to check with the Iroquois County Treasurer's Office to confirm the exact dates.
When it comes to payment methods, there are several options available to Iroquois County property owners:
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Mail: Property owners can mail their payment to the Iroquois County Treasurer's Office at the address listed on their tax bill. The check should be made payable to the Iroquois County Treasurer.
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In Person: Property owners can pay their property taxes in person at the Iroquois County Treasurer's Office, located at 1001 E Grant St, Watseka, IL 60970. Office hours are Monday through Friday, 8:30 am to 4:30 pm.
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Online: Property owners can pay their property taxes online using a credit card or e-check. There is a fee associated with this payment method, which varies depending on the amount of the tax bill.
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Automatic Withdrawal: Property owners can set up automatic monthly payments through their bank account. This option is available for both checking and savings accounts.
Overall, there are several convenient options available for paying property taxes in Iroquois County. By being aware of the due dates and payment methods, property owners can ensure that their taxes are paid on time and avoid any penalties or fees.
If you have more questions - contact your local tax collector.
We recommend contacting the Iroquois County Tax Office or a local tax professional for the most up-to-date and accurate information.