Example of Jerome County Property Tax Calculation
Jerome County Property taxes are calculated based on the assessed value of the property. The amount assessed is multiplied by the property tax rate to determine how much the homeowner owes in taxes.
For example, if a home in Jerome County is assessed at a value of $200,000 and the property tax rate is 1.5%, the property tax owed would be $3,000.
To calculate the assessed value, an appraiser determines the fair market value of the property, which is the amount it could sell for in the current market. This value is then multiplied by the assessment rate, which is set at 100% in Idaho.
Jerome County residents are required to pay their property taxes by December 20th of each year. Failure to pay on time may result in late fees and penalties. Property taxes are used to fund local government services such as schools, emergency services, and public works projects.
If you want appeal your property tax assessment - contact your local tax assessor.
Jerome County Property Tax Rates
Here are the Jerome County Property Tax rates as of 2021:
| Tax | Rate per $100 of assessed value |
|---|---|
| County | $0.52 |
| School | $1.53 |
| Fire | $0.50 |
| Highway | $0.22 |
| Cemetery | $0.10 |
| Ambulance | $0.20 |
Please note that these rates may vary depending on the specific location and property type within Jerome County. As a tax advisor, it is important to consult with the appropriate authorities and review all relevant information when providing tax advice to clients.
Who sets property tax rates in Jerome County ?
Property tax rates in Jerome County are set by the Jerome County Board of Commissioners. The Board meets annually to determine the tax levy, which is expressed as a percentage of the assessed value of property in the county. The tax rate is then applied to each property owner's assessed value to calculate their annual property tax bill.
Here are some key points to keep in mind about property taxes in Jerome County:
- The property tax rate is set annually by the Board of Commissioners, typically in the fall.
- The tax rate is expressed as a percentage of the assessed value of property in the county. For example, if the tax rate is 1%, a property with an assessed value of $100,000 would owe $1,000 in property taxes.
- Property owners in Jerome County receive their annual property tax bills in November or December, and taxes are typically due by the end of January.
- Property tax revenue is used to fund a variety of local services, including schools, roads, law enforcement, and more.
If you have questions about property taxes in Jerome County or need help navigating the tax system, consider speaking with a local tax advisor or accountant.
When is Jerome County Property Tax due ?
Jerome County Property Tax is usually due on December 20th. Taxpayers have until that date to pay their property taxes in full. There are a few payment methods available for people who need to make this payment:
| Payment Method | Description |
|---|---|
| In person | Those who prefer to pay in person can do so at the Jerome County Treasurer's Office. The office is located at 300 N. Lincoln, Room 301, in Jerome, Idaho. Office hours are Monday through Friday from 8:00 am to 5:00 pm. |
| By mail | Payments can also be mailed to the Jerome County Treasurer's office at the same address mentioned above. The payment must be postmarked by December 20th to avoid any late payment fees. |
| Online | Another option is to pay online using a credit or debit card. Taxpayers can visit the Jerome County website and follow the instructions for paying online. There is a convenience fee associated with paying online. |
It is important to note that if property taxes are not paid in full by December 20th, late payment fees will be assessed. The amount of the late fee varies depending on the total amount owed. Taxpayers should make sure to pay their property taxes on time to avoid any additional fees.
If you have more questions - contact your local tax collector.
Homestead exemptions in Jerome County ?
In Jerome County, Idaho, homeowners may benefit from various county-specific homestead exemptions and deductions. Here is a breakdown of the available exemptions and deductions, including the exemption amount and eligibility criteria, and any additional notes to keep in mind:
Homestead Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Regular Homestead Exemption | Primary residence | $100,000 | Must apply by April 15th |
| Circuit Breaker Exemption | 65+ years or disabled | Varies | Based on income and property value |
| Additional Exemption for Veterans | Veteran with service-connected disability | Varies | Based on percentage of disability |
| Surviving Spouses of Veterans Exemption | Surviving spouse of veteran | Varies | Based on residency and income |
Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Property Tax Reduction Program | Low-income homeowners | Varies | Based on income and property value |
| Waste Reduction Deduction | Homeowners who recycle | $20 | Must submit proof of recycling activities |
It's important to note that homeowners must apply for all exemptions and deductions by the statutory deadlines in order to receive them. Additionally, eligibility criteria and exemption amounts may vary from year to year, so homeowners should check with the county assessor's office for the most up-to-date information.
How is Jerome County Property Tax penalty calculated ?
Jerome County Property Tax Penalty is calculated as a percentage of the delinquent taxes owed by the property owner. The penalty is added to the total tax amount owed by the property owner if the taxes are not paid by the deadline. Here is an example to help you understand how the penalty is calculated:
Let's assume a property owner in Jerome County has an assessed value of $200,000 and a tax rate of 1%. The amount of property taxes owed would be $2,000. If the deadline to pay the taxes is December 31st and the property owner fails to pay by that date, the penalty would be added to the total tax amount owed.
The penalty is calculated on a monthly basis, starting from January 1st. In Jerome County, the penalty rate is 2% per month, which means that for every month the property owner has not paid their taxes, they will be charged an additional 2% penalty fee.
So, let's say the property owner did not pay their taxes until March 1st. By that date, they would have accrued a 6% penalty fee, which is 3 months times the 2% monthly penalty rate. Therefore, the total amount owed by the property owner would be $2,120, which is the original $2,000 tax amount plus the 6% penalty fee.
To help you understand it better, here is the calculation table:
| Month | Total Tax Amount | Penalty Rate | Penalty Fee | Total Amount Owed |
|---|---|---|---|---|
| Jan | $2,000 | 2% | $40 | $2,040 |
| Feb | $2,000 | 2% | $40 | $2,080 |
| Mar | $2,000 | 2% | $40 | $2,120 |
Therefore, property owners in Jerome County are advised to pay their property taxes on time to avoid penalties and additional fees.
We recommend contacting the Jerome County Tax Office or a local tax professional for the most up-to-date and accurate information.