Example of Itawamba County Property Tax Calculation
Itawamba County calculates property tax by multiplying the assessed value of a property by the current tax rate. To determine the assessed value of a property, the county assessor evaluates it based on factors such as location, size, and condition. Once the assessed value is determined, it is multiplied by the current tax rate, which varies based on where the property is located within the county. For example, if the assessed value of a property in Itawamba County is $100,000 and the current tax rate is 1%, the property taxes due would be $1,000. It is important to note that property taxes are typically paid annually and are used to fund local services such as schools, roads, and emergency services.
If you want appeal your property tax assessment - contact your local tax assessor.
Itawamba County Property Tax Rates
The current Itawamba County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.954 |
| County Road & Bridge | $0.300 |
| County School | $1.500 |
| County Fire Protection | $0.070 |
| Special Road District | $0.100 |
Please note that these rates are subject to change and may vary depending on the specific location and property in question. It is recommended to consult with a licensed tax professional or the Itawamba County tax assessor's office for the most up-to-date information and guidance on property taxes.
Who sets property tax rates in Itawamba County ?
Property Tax Rates in Itawamba County, USA
In Itawamba County, property tax rates are set by the county government. The Itawamba County Board of Supervisors is responsible for setting property tax rates for all properties within the county.
Property tax rates are generally set annually during the budgeting process. The county government reviews their budget and determines how much revenue they need to raise to fund essential services such as schools, law enforcement, and infrastructure. They then calculate the property tax rate required to generate that revenue, and adjust it as necessary.
Property tax rates in Itawamba County vary depending on the value of the property being taxed. This value is determined by the Itawamba County Tax Assessor, who assesses the value of each property in the county on a regular basis.
It is important to note that property tax rates can vary depending on the location within Itawamba County. Different municipalities within the county may have their own property tax rates, in addition to the county-wide rate.
Overall, property tax rates in Itawamba County are an important source of revenue for the county government, and play a crucial role in funding essential public services.
Homestead exemptions in Itawamba County ?
To help eligible homeowners save money on their property taxes, Itawamba County, Mississippi offers a variety of Homestead exemptions and deductions. Here is a breakdown of the exemptions and deductions available, along with important notes to keep in mind:
| Column | Description |
|---|---|
| Exemption | This column lists the different types of exemptions that homeowners can apply for. |
| Eligibility | This column outlines the eligibility criteria for each exemption. |
| Amount | This column shows the amount of money that each exemption can save homeowners on their property taxes. |
| Notes | This column provides additional information or requirements for each exemption. |
Homestead Exemption The Homestead exemption is available to all Mississippi homeowners who use their property as their primary residence. In Itawamba County, the exemption amount is $7,500, which is deducted from the assessed value of the property.
Additional Exemption Homeowners who are over 65 years old or who are totally disabled may qualify for an additional exemption of up to $1,000. To qualify, the applicant must have a total household income of $30,000 or less.
Veterans Exemption Veterans who were honorably discharged and who are 100% disabled may be eligible for an exemption of up to $7,500. The veteran's spouse may also qualify for the exemption if the veteran has passed away and the spouse remains the owner of the property.
Disaster Relief Exemption Homeowners who have suffered a loss due to a natural disaster may be eligible for a temporary exemption of up to $150,000 for a period of two years.
School Tax Exemption Homeowners who are over 65 years old and whose total household income is $30,000 or less may be eligible for a school tax exemption of up to $7,500.
It is important for homeowners to carefully review the eligibility requirements and deadlines for each exemption, as well as any additional documentation that may be required. By taking advantage of these Homestead exemptions and deductions, eligible homeowners in Itawamba County can significantly reduce their property tax burden.
When is Itawamba County Property Tax due ?
Itawamba County Property Tax is typically due on or before January 31st of each year. Property owners are required to pay their taxes on time to avoid penalties and interest. The county treasurer's office accepts payments through several methods, including:
| Payment Method | Description |
|---|---|
| In-Person | Property owners can pay their taxes in person at the county treasurer's office using cash, check, or money order. |
| Property owners can mail their payments to the county treasurer's office using a check or money order. | |
| Online | Property owners can pay their taxes online using a credit card, debit card, or e-check. |
It is important to note that property owners may be eligible for discounts and exemptions on their property taxes, such as homestead exemptions or senior citizen discounts. Property owners should contact the county treasurer's office for more information on these programs.
If you have more questions - contact your local tax collector.
How is Itawamba County Property Tax penalty calculated ?
How is Itawamba County Property Tax Penalty Calculated?
When property owners in Itawamba County, Mississippi fail to pay their property taxes on time, they are subject to a penalty fee. The penalty fee is calculated based on the length of time the taxes remain unpaid.
The following table outlines the penalty fee schedule for Itawamba County property taxes:
| Time Elapsed | Penalty Fee |
|---|---|
| Up to 30 days late | 1% of the unpaid taxes |
| 31-60 days late | 2% of the unpaid taxes |
| 61-90 days late | 3% of the unpaid taxes |
| 91-120 days late | 4% of the unpaid taxes |
| 121 days or more late | 8% of the unpaid taxes |
For example, if a property owner in Itawamba County fails to pay their property taxes of $1,000 on time and waits 45 days to make the payment, they will be subject to a penalty fee of 2% of their unpaid taxes, or $20. If they wait 121 days or more to pay, the penalty fee will be 8% of their unpaid taxes, or $80.
It's important to note that the penalty fee is in addition to the original property tax amount due. Property owners in Itawamba County should make sure to pay their property taxes on time to avoid incurring unnecessary penalty fees.
We recommend contacting the Itawamba County Tax Office or a local tax professional for the most up-to-date and accurate information.