Example of Jersey County Property Tax Calculation
The Jersey County Property Tax calculation is based on the assessed value of the property and the tax rate set by the county. To calculate the tax, one must first determine the assessed value of the property by multiplying the fair market value by the assessment ratio.
For example, if a property has a fair market value of $100,000 and the assessment ratio is 33.33%, the assessed value would be $33,333.
Next, to determine the tax amount, one must multiply the assessed value by the tax rate. If the tax rate is 1%, the tax amount would be $333.
It's important to note that property tax rates may vary by location and can be subject to change, so it's important to regularly check with the local tax assessor's office for updates.
If you want appeal your property tax assessment - contact your local tax assessor.
Jersey County Property Tax Rates
The following table lists the property tax rates in Jersey County, with the tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.8900 |
| School District | $4.2200 |
| City of Jerseyville | $0.5900 |
| Jerseyville Park District | $0.3700 |
| Southwestern Illinois College District | $0.2800 |
Please note that these rates are subject to change and may vary depending on the specific property in question. As a tax advisor, it is important to stay up-to-date on any changes to local tax rates and regulations in order to provide the best possible advice to clients.
Who sets property tax rates in Jersey County ?
Who sets property tax rates in Jersey County?
The property tax rates in Jersey County are set by the Jersey County Board of Commissioners. This board is responsible for overseeing the county's finances and determining the appropriate tax rate to support county services.
When are property tax rates set in Jersey County?
Property tax rates in Jersey County are typically set annually in the fall. The County Board of Commissioners reviews the county's financial needs and determines the appropriate tax rate to meet those needs for the upcoming year.
It's important to note that property tax rates may also be adjusted throughout the year if there are significant changes to the county's financial situation or if new expenses arise that were not accounted for in the original tax rate.
Homestead exemptions in Jersey County ?
In Jersey County, Illinois, there are several Homestead exemptions and deductions that residents can take advantage of. The following table outlines each exemption, eligibility requirements, the amount that can be saved, and any additional notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be the primary residence of the homeowner | Up to $6,000 in assessed value | Applies to all counties in Illinois |
| Senior Citizen Homestead Exemption | Must be 65 years or older and have a total household income of $65,000 or less | Up to an additional $5,000 in assessed value | Only applies to primary residence |
| Senior Citizen Assessment Freeze | Must be 65 years or older and have a total household income of $65,000 or less | Freezes the assessed value of the property | Only applies to primary residence |
| Returning Veterans' Homestead Exemption | Must be an honorably discharged veteran who has served at least one day of active duty and have a disability related to their military service | Up to an additional $5,000 in assessed value | Only applies to primary residence |
| Disabled Persons' Homestead Exemption | Must be a person with a disability as defined by the Social Security Administration | Up to an additional $2,000 in assessed value | Only applies to primary residence |
| Home Improvement Exemption | Must have made significant improvements to the property | Up to an additional $75,000 in assessed value | The exemption only applies to the added value - not the entire assessed value |
| Green Energy Improvement Exemption | Must have made improvements to the property to increase energy efficiency | Up to an additional $75,000 in assessed value | The exemption only applies to the added value - not the entire assessed value |
It's important to note that each exemption has its own set of requirements and limitations. Residents of Jersey County should consult their local tax assessor's office for more information on which exemptions they are eligible for and how to apply for them. By taking advantage of these exemptions and deductions, homeowners can save money on their property taxes and make owning a home more affordable.
When is Jersey County Property Tax due ?
Jersey County Property Tax is typically due on the first day of November each year. However, taxpayers have the option to pay their taxes in two installments.
Here are the following due dates for each installment:
| Installment | Due Date |
|---|---|
| First | June 1 |
| Second | November 1 |
Taxpayers can pay their Jersey County Property Tax using different payment methods. They can pay via:
- Mail: Taxpayers can mail their payments to the Jersey County Treasurer's Office
- In-Person: Taxpayers can pay in person at the Jersey County Treasurer's Office
- Online: Taxpayers can pay online through the Jersey County Treasurer's website.
It's important to note that there may be additional fees for paying online. Taxpayers are advised to check their payment options to ensure they are not incurring any additional fees.
If the due date falls on a weekend or holiday, the payment is due on the next business day.
Failure to pay Jersey County Property Tax on time may result in late fees or penalties. Taxpayers are encouraged to pay on or before the due date to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Jersey County Property Tax penalty calculated ?
Jersey County Property Tax Penalty Calculation
When it comes to Jersey County Property Tax, it is essential to pay the taxes on time. Failure to pay on time will result in a penalty. The penalty is calculated based on the amount of tax that is unpaid and the days past due. The penalty is calculated at a rate of 1.5% per month or 18% per annum.
For example, suppose an individual owes $10,000 in property taxes in Jersey County, and the due date was July 1st. If the individual fails to pay the tax until August 1st, the penalty for that month will be:
$10,000 x 1.5% = $150
Therefore, the penalty for August will be $150. If the individual fails to pay until September 1st, the penalty for that month will be:
$10,000 x 1.5% = $150 (penalty for August) $10,150 x 1.5% = $152.25
Therefore, the penalty for September will be $152.25. The same calculation will continue for each month until the individual pays the tax.
To summarize, the penalty for late payment of Jersey County Property Tax is calculated at a rate of 1.5% per month, and the penalty amount increases as the days past due also increases. It is crucial to pay property taxes on time to avoid penalties.
We recommend contacting the Jersey County Tax Office or a local tax professional for the most up-to-date and accurate information.