Example of King William County Property Tax Calculation
In King William County, property tax calculation is based on the assessed value of the property. The assessment is done by the County Assessor's Office, and the resulting value is multiplied by the tax rate to determine the property tax owed. For example, if a property is assessed at $100,000 and the tax rate is 1%, the property tax owed would be $1,000. It is important to note that tax rates can vary depending on the location and type of property. It is also possible to appeal the assessed value if a property owner believes it to be too high.
If you want appeal your property tax assessment - contact your local tax assessor.
King William County Property Tax Rates
Here is a table of the King William County Property Tax rates:
| Tax | Rate per $100 Assessed Value |
|---|---|
| Real Estate | $0.86 |
| Personal Property | $4.20 |
| Machinery & Tools | $3.20 |
These rates are effective as of the current tax year and may be subject to change in the future. Property owners in King William County should consult with a qualified tax advisor for specific information regarding their individual tax situation.
Who sets property tax rates in King William County ?
In King William County, property tax rates are set by the Board of Supervisors. This group is made up of elected officials who represent the community and make decisions on its behalf. They typically meet on a regular basis to discuss matters related to the county, including budget and tax issues. Once the Board of Supervisors has determined the appropriate tax rate for the year, it is then applied to the assessed value of each property in the county. Property taxes are typically due twice per year, on specific dates set by the county. It is important for property owners to stay informed about these deadlines and to pay their taxes on time to avoid penalties and interest charges.
Homestead exemptions in King William County ?
To help homeowners in King William County in Virginia, here is a table of all the county-specific Homestead exemptions and deductions that are available to eligible applicants. The table includes four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled | 65 years old or disabled | $16,000 | Must own and occupy property |
| Veteran | Served 90 days or more during war time | Up to $10,000 | Must own and occupy property |
| Surviving Spouse | Spouse of a fallen soldier | Up to $10,000 | Must own and occupy property |
| Disability | Permanently disabled | Up to $10,000 | Must own and occupy property |
| Conservation | Property used for conservation | Up to 20% | Must meet specific requirements |
It's important to note that eligibility requirements may vary for each exemption and deduction. Homeowners are encouraged to contact their local tax assessor's office or visit their website to learn more about specific eligibility requirements, application procedures, and deadlines.
Overall, these exemptions and deductions can help homeowners in King William County save on property taxes and provide financial relief.
When is King William County Property Tax due ?
According to King William County government's official website, property taxes are typically due on December 5th of each year. However, the due date may vary depending on weekends, holidays and other factors.
There are several methods of payment available for property taxes in King William County. These include:
- Online payments through the county's website using a credit or debit card or eCheck
- Mail-in payments with a check or money order to the county's treasurer's office address
- In-person payments at the treasurer's office, where cash, check or credit cards are accepted
- Drop-box payments, where checks or money orders can be dropped off at the treasurer's office outside of regular business hours.
Please note that late payment penalties and interest may apply for payments made after the due date, so it's important to make sure payments are submitted on time.
If you have more questions - contact your local tax collector.
How is King William County Property Tax penalty calculated ?
King William County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they will be subject to penalties and interest charges. The penalty calculation for King William County property taxes is based on a percentage of the amount due and the number of days late.
The penalty for late payment of King William County property taxes is 10% of the total taxes due. In addition to this penalty, an interest rate of 10% per annum is also applied to the unpaid balance. This interest rate is calculated based on the number of days that the payment is late.
Here is an example of how the penalty might be calculated:
- Property tax due: $5,000
- Payment due date: June 30th
- Payment received date: August 15th (46 days late)
Calculation:
- Penalty: $5,000 x 10% = $500
- Interest: ($5,000 + $500) x (10% / 365) x 46 = $253.15
Total amount due: $5,000 + $500 + $253.15 = $5,753.15
In summary, if a property owner in King William County fails to pay their property taxes on time, they will face a 10% penalty on the amount due, plus an additional 10% interest rate per annum on the unpaid balance for each day that the payment is late. It is important to pay property taxes on time to avoid these penalties and interest charges.
We recommend contacting the King William County Tax Office or a local tax professional for the most up-to-date and accurate information.