Example of King And Queen County Property Tax Calculation
King and Queen County property tax calculation is based on the assessed value of the property. The county assesses the value of the property every year and then multiplies it by the tax rate to determine the property tax amount.
For example, let's say the assessed value of a property in King and Queen County is $100,000 and the tax rate for the year is 1%. To calculate the property tax amount, you would multiply the assessed value by the tax rate:
$100,000 x 0.01 = $1,000
So, the property tax amount for this property would be $1,000 for the year.
It's important to note that the tax rate can vary depending on the location and type of property. Additionally, there may be other fees or assessments that are added to the property tax amount.
If you want appeal your property tax assessment - contact your local tax assessor.
King And Queen County Property Tax Rates
The King and Queen County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $0.73 |
| Personal Property | $6.00 |
| Machinery and Tools | $2.00 |
| Mobile Homes | $0.73 |
| Public Service Corporation | $1.00 |
It is important to note that these rates are subject to change and residents of King and Queen County should consult with a tax professional for specific advice on their individual tax situations.
Who sets property tax rates in King And Queen County ?
In King and Queen County, property tax rates are set by the Board of Supervisors. This board is responsible for determining the rate of property tax for each fiscal year. The tax rate is typically set during a public meeting, which is announced in advance to residents of the county.
The property tax rate is based on the assessed value of the property, which is determined by the county's Department of Assessments. The rate is typically expressed as a percentage of the assessed value of the property.
It's important to note that property tax rates can vary from county to county and even within different parts of the same county. Therefore, residents of King and Queen County should check with their local government for the latest information on property tax rates.
Overall, understanding property tax rates in King and Queen County is an essential part of responsible homeownership. By staying informed about tax rates and other related issues, residents can make informed decisions about their property and finances.
Homestead exemptions in King And Queen County ?
The table below lists all of the county specific Homestead exemptions and deductions for King and Queen County in Virginia. This information is essential for homeowners in the area who want to understand how they may be eligible for property tax relief.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly and Disabled Exemption | Must be at least 65 years old or permanently disabled | Up to $20,000 | This exemption applies to the assessed value of the home |
| Military Service Exemption | Must have served in the military during a time of war or conflict | Up to $10,000 | This exemption applies to the assessed value of the home |
| Conservation Easement Exemption | Must have a conservation easement on the property | Up to 100% | This exemption applies to the assessed value of the easement |
| Disabled Veterans Exemption | Must have a service-connected disability of at least 10% | Up to $10,000 | This exemption applies to the assessed value of the home |
| Surviving Spouse Exemption | Must be the surviving spouse of a service member killed in action | Up to $10,000 | This exemption applies to the assessed value of the home |
It is important to note that these exemptions and deductions have specific eligibility requirements and may not apply to all homeowners in King and Queen County. Homeowners should consult with their local tax assessor's office for more information and to determine their eligibility for these property tax relief programs.
When is King And Queen County Property Tax due ?
King And Queen County Property Tax is typically due on December 5th every year. However, if this date falls on a weekend or holiday, the due date is usually the next business day.
There are several payment methods available to pay the King And Queen County Property Tax. This includes:
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Online Payment: Taxpayers can pay their property tax online using the county's official website. They can make payments using a credit or debit card, or by electronic check.
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In-Person Payment: Property tax payments can be made in-person at the King And Queen County Treasurer's Office during regular business hours. The office is located at 242 Allen Circle, Suite H, King and Queen Court House, VA 23085.
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Mail-in Payment: Taxpayers can also choose to mail in their property tax payments. The payment should be sent to the King And Queen County Treasurer's Office at the address mentioned above. The check should be made payable to the "King And Queen County Treasurer."
It is important to note that if the property tax payment is not made by the due date, a penalty and interest charges will be added to the amount owed. Therefore, taxpayers are advised to make their payments on time to avoid any inconvenience.
If you have more questions - contact your local tax collector.
How is King And Queen County Property Tax penalty calculated ?
King and Queen County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they will be charged a penalty fee. The penalty fee is calculated based on a percentage of the unpaid taxes and is added to the total amount due. King and Queen County uses a formula to calculate the penalty fee, which is as follows:
- Penalty Rate: 10% of the unpaid taxes
- Interest Rate: 10% per year on the unpaid taxes
Let’s say that a property owner owes $1,000 in property taxes for the year. If they do not pay their taxes by the due date, they will be charged a penalty fee of $100 (10% of $1,000) and an interest fee of $10 (10% of $1,000 per year). If they do not pay their taxes for several years, the penalty and interest fees will continue to accrue.
To avoid accruing penalty and interest fees, it is important for property owners to pay their property taxes on time. If they are unable to do so, they should contact the King and Queen County tax office to discuss payment options and potential penalties.
| Formula | Calculation |
|---|---|
| Penalty Rate | 10% of unpaid taxes |
| Interest Rate | 10% per year on unpaid taxes |
| Example | Property owner owes $1,000 in taxes, penalty fee is $100, interest fee is $10 |
We recommend contacting the King And Queen County Tax Office or a local tax professional for the most up-to-date and accurate information.