Example of Lamar County Property Tax Calculation
Lamar County calculates property taxes by multiplying the assessed value of a property by the millage rate for that area. For example, if a property in Lamar County has an assessed value of $100,000 and the millage rate is 10 mills, the property taxes would be $1,000 (100,000 x 0.01 x 10).
It's important to note that the assessed value is not necessarily the same as the market value of the property. The county assesses the value based on several factors, including recent sales of similar properties in the area, the condition of the property, and any improvements or renovations that have been made.
Residents of Lamar County can find their property's assessed value and the current millage rate on the county's tax assessor's website. They can also find information on how to appeal their assessment if they believe it is incorrect.
If you want appeal your property tax assessment - contact your local tax assessor.
Lamar County Property Tax Rates
The following table lists the Lamar County Property Tax rates in US dollars per $100 of assessed value.
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County | $0.425 |
| School | $0.195 |
| City | $0.270 |
| Hospital | $0.045 |
Please note that these rates are subject to change and may not include any additional local taxes or assessments. It is recommended to check with the Lamar County Tax Assessor's office for the most up-to-date information.
Who sets property tax rates in Lamar County ?
Who sets property tax rates in Lamar County?
The Lamar County Board of Commissioners is responsible for setting property tax rates in Lamar County. The board meets annually in late June or early July to set the rates for the upcoming fiscal year.
When are property tax rates set in Lamar County?
As mentioned above, property tax rates in Lamar County are set annually by the Board of Commissioners. The rates are typically set in late June or early July for the upcoming fiscal year.
Summary in table format
| Task | Responsible Party | Timeframe |
|---|---|---|
| Setting property tax rates | Lamar County Board of Commissioners | Annually in late June or early July |
When is Lamar County Property Tax due ?
Lamar County Property Tax is typically due on October 15th of each year. There are several payment methods available for residents to choose from, including:
| Payment Method | Description |
|---|---|
| Online | Residents can pay their property tax online using a credit or debit card through the Lamar County Tax Assessor's website. |
| Payments can be mailed to the Lamar County Tax Assessor's office using the address provided on the tax bill. | |
| In Person | Residents can pay in person at the Lamar County Tax Assessor's office during regular business hours. Cash, check, and money orders are accepted. |
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. It is recommended that residents make their payments before the due date to avoid these additional fees.
If you have more questions - contact your local tax collector.
How is Lamar County Property Tax penalty calculated ?
To understand how Lamar County Property Tax penalty is calculated, let's break it down into simple steps:
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Determine the due date: The due date for Lamar County Property Taxes is January 31st of each year.
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Calculate the penalty: If the property taxes are not paid on or before January 31st, a penalty of 7% is added to the unpaid taxes. An additional penalty of 1% is added each month thereafter until the taxes are paid in full.
Here's an example to make it easier to understand:
Let's say John owns a property in Lamar County and his property taxes amount to $5,000 per year. If he fails to pay his property taxes by January 31st, a penalty of 7% is added, which amounts to $350. If John still doesn't pay his taxes by the end of February, an additional penalty of 1% is added, which amounts to $50. This means that John would owe $5,400 in property taxes and penalties by the end of February.
In summary, if property taxes are not paid on time in Lamar County, a penalty of 7% is added to the unpaid taxes, followed by an additional penalty of 1% each month until the taxes are paid in full.
Homestead exemptions in Lamar County ?
To better understand the county specific Homestead exemptions and deductions available in Lamar County, Texas, one can refer to the table below:
| Column | Description |
|---|---|
| Exemption | A type of tax relief offered to homeowners in Lamar County, Texas |
| Eligibility | The criteria homeowners must meet in order to qualify for the Homestead exemptions and deductions |
| Amount | The monetary value of the available exemptions and deductions |
| Notes | Any additional information related to the Homestead exemptions and deductions in Lamar County |
Some of the Homestead exemptions and deductions available in Lamar County, Texas include:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead exemption | Must own and occupy the property as their primary residence on January 1 of the tax year | Up to 20% of the home's assessed value | Exemption cannot exceed $5,000 in school taxes, and cannot be less than $5,000 minus the sum of the dollar amounts of all other available exemptions claimed by the homeowner |
| Over 65 exemption | Must be 65 years of age or older, or disabled | Up to $10,000 of the home's assessed value | |
| Disabled veteran exemption | Must have a service-related disability rating of 10% or more, be the surviving spouse or child of a disabled veteran, or be a surviving spouse or child of a member of the armed forces who died while on active duty | Up to 100% of the home's assessed value | Additional qualifications and limitations apply |
| Disabled person exemption | Must be disabled and meet certain income requirements | Up to $10,000 of the home's assessed value | |
| School district taxes for residence homestead exemption | Must be a resident of the school district, and must have owned and occupied the homestead on January 1 of the tax year | Up to $25,000 of the home's assessed value | |
| Optional percentage exemptions for homesteads | Must have a written agreement with a taxing unit to receive this exemption | Up to 20% or $5,000 of the home's assessed value, depending on the agreement | |
| Optional exemption for 65 or older or disabled homeowners | Must apply for this exemption and meet certain criteria | Up to 20% of the home's assessed value | |
| Optional exemption for disabled veterans | Must apply for this exemption and meet certain criteria | Up to $12,000 of the home's assessed value |
It is important for homeowners in Lamar County, Texas to research and understand the Homestead exemptions and deductions that they may be eligible for, in order to maximize their tax savings. Additionally, it is recommended to consult with a tax professional to ensure that all necessary requirements are met in order to qualify for the available exemptions and deductions.
We recommend contacting the Lamar County Tax Office or a local tax professional for the most up-to-date and accurate information.