Example of Izard County Property Tax Calculation
Izard County calculates property tax based on the assessed value of the property. For instance, if a home in Izard County is assessed at $100,000, the property tax rate would be applied to that value. The current property tax rate in Izard County is 0.00552, which means that the property tax would be calculated by multiplying the assessed value by the tax rate.
Thus, the property tax for a home assessed at $100,000 would be calculated as follows:
$100,000 x 0.00552 = $552
Therefore, the property tax for a home assessed at $100,000 in Izard County would be $552.
If you want appeal your property tax assessment - contact your local tax assessor.
Izard County Property Tax Rates
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.67 |
| Road | $0.50 |
| Library | $0.08 |
| Solid Waste | $0.36 |
| 911 | $0.50 |
These are the current property tax rates for Izard County in Arkansas. The county general tax rate is $0.67 per $100 of assessed value, while the road tax rate is $0.50 per $100 of assessed value. The library tax rate is $0.08 per $100 of assessed value, and the solid waste tax rate is $0.36 per $100 of assessed value. Finally, the 911 tax rate is $0.50 per $100 of assessed value.
Who sets property tax rates in Izard County ?
Izard County Property Tax Rates: Who and When?
In Izard County, property tax rates are set by the County Quorum Court. This is a group of elected officials who meet several times a year to discuss and vote on various issues related to county government, including property tax rates. The Quorum Court typically sets property tax rates during its annual budget meeting, which is held in November or December of each year.
Once the property tax rates have been set, they are applied to the assessed value of each property in Izard County to determine the amount of property tax owed. Property owners can expect to receive their property tax bill in the mail in late October or early November, with payment due by December 31st of each year.
It's important to note that property tax rates can vary from year to year, depending on a number of factors such as changes in the county's budget, changes in property values, and changes in state or federal mandates. Property owners in Izard County can stay informed about property tax rates by attending Quorum Court meetings or by checking the county's website for updates.
Homestead exemptions in Izard County ?
In Izard County, Arkansas, there are several Homestead exemptions and deductions available to eligible residents. Below is a table outlining the specific exemptions, eligibility requirements, and amount of the exemption or deduction:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must own and occupy home as primary residence on January 1st | Up to $35000 of assessed value | Must apply by May 31st |
| Senior Citizen Exemption | Must be 65 or older and own and occupy home as primary residence on January 1st | Up to $3000 of assessed value | Must apply by May 31st |
| Disabled Veterans Exemption | Must be a veteran with a service connected disability and own and occupy home as primary residence on January 1st | Up to $5000 of assessed value | Must apply by May 31st |
| Personal Property Exemption | Must own and occupy home as primary residence on January 1st | Up to $350 of assessed value | Must apply by May 31st |
| Agricultural Land Exemption | Must use land for agricultural purposes and receive income from farming operations | Up to 75% of assessed value | Must apply by October 15th |
| Forest Land Exemption | Must own at least 10 acres of contiguous forest land and have a forest management plan | Up to 75% of assessed value | Must apply by October 15th |
It is important to note that in order to receive these exemptions or deductions, residents must apply by the deadline specified. Additionally, the assessed value of the property is determined by the County Assessor's office. These exemptions and deductions can help eligible residents reduce their property tax burden.
When is Izard County Property Tax due ?
Izard County Property Tax is typically due on October 15th of each year. However, if the due date falls on a weekend or holiday, the deadline is extended to the next business day.
To pay property taxes in Izard County, residents can choose from several payment methods. These include:
- In person: Payments can be made in person at the Izard County Collector's Office, located at 401 Main St in Melbourne, AR. Office hours are Monday-Friday 8am-4:30pm.
- Mail: Payments can be mailed to the Izard County Collector at P.O. Box 310, Melbourne, AR 72556. Payments must be postmarked by October 15th to avoid penalties.
- Online: Residents can pay their property taxes online by visiting the Izard County website and following the instructions provided. Credit or debit cards are accepted, but a convenience fee will be charged.
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. If you have any questions about Izard County Property Tax, it is recommended that you contact the Izard County Collector's Office for further assistance.
If you have more questions - contact your local tax collector.
How is Izard County Property Tax penalty calculated ?
Izard County Property Tax Penalty Calculation
When a property owner in Izard County fails to pay their property taxes before the deadline, a penalty is imposed. The penalty is calculated as a percentage of the unpaid taxes and accrues each month until the taxes are paid. Here is an example to help understand the calculation:
- Property owner John Doe owes $1,000 in property taxes for the year 2021 in Izard County.
- The deadline for payment is October 15, 2021.
- John Doe fails to pay his taxes by the deadline, so on November 1, 2021, a penalty is imposed.
- The penalty rate in Izard County is 10% per year, which means the monthly rate is 0.83% (10% divided by 12 months).
- The penalty for November 2021 is calculated as follows:
- $1,000 x 0.0083 = $8.30
- The total amount John Doe owes as of November 1, 2021, is $1,008.30 ($1,000 in taxes + $8.30 penalty).
- If John Doe still does not pay his taxes by December 1, 2021, another penalty will be imposed, this time on $1,008.30.
It's important to note that the penalty rate and deadline for payment can vary by county and state, so it's always best to check with local authorities for specific information.
Overall, paying property taxes on time is crucial to avoid penalties and additional fees. Property owners should make sure to mark their calendars and budget accordingly to ensure timely payment.
We recommend contacting the Izard County Tax Office or a local tax professional for the most up-to-date and accurate information.