Example of Lamoille County Property Tax Calculation
Lamoille County Property Tax calculation is based on the assessed value of the property. The assessed value is determined by the Lamoille County Tax Assessor's office, which takes into consideration the size, location, and condition of the property.
Once the assessed value is determined, the property tax rate for Lamoille County is applied. The tax rate varies depending on the town in which the property is located. For example, if the assessed value of the property is $200,000 and the tax rate is $1.50 per $100 of assessed value, the property tax for the year would be $3,000 ($200,000 x 0.015).
It is important to note that additional taxes may be assessed by the town, school district, or other local entities. These taxes can vary depending on the property location and any special assessments that may be in place.
Overall, Lamoille County Property Tax calculation is a fairly straightforward process that is based on the assessed value of the property and the tax rate for the town in which it is located.
If you want appeal your property tax assessment - contact your local tax assessor.
Lamoille County Property Tax Rates
Here's a formatted table listing the Lamoille County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $1.729 |
| Commercial | $1.803 |
| Industrial | $1.803 |
| Non-Residential | $1.795 |
| Homestead Education | $1.535 |
| Non-Residential Education | $1.515 |
Please note that these rates are subject to change and may vary depending on the specific property location and use. It is recommended that property owners consult with a qualified tax professional for more detailed information and guidance.
Who sets property tax rates in Lamoille County ?
Who sets property tax rates in Lamoille County?
The local government in Lamoille County sets the property tax rates. This is usually done by the County Board of Supervisors or the City Council.
When are property tax rates set in Lamoille County?
Property tax rates are set annually, during the budgeting process. The budget is typically created in the fall and the tax rates are finalized by the end of the year. Property owners will receive their tax bills in the following year.
It's important to note that property tax rates can change from year to year based on the budget and other factors. Property owners can appeal their assessments if they believe they are being overtaxed.
Homestead exemptions in Lamoille County ?
To provide clear and concise information about the Homestead exemptions and deductions available in Lamoille County, Vermont, a table with four columns has been created:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Property Tax Exemption | Permanent resident of Vermont and owner of a primary residence in Lamoille County | Up to $40,000 of the property's assessed value | Must apply by April 15th |
| Property Transfer Tax Exemption | First-time homebuyer in Vermont purchasing a property in Lamoille County | Up to $350,000 of the purchase price | Must apply within 2 years of purchase |
| Education Property Tax Adjustment | Vermont resident and owner of a primary residence in Lamoille County | Up to $8,000 of the education property tax liability | Income limits apply |
| Current Use Property Tax Program | Owner of land in Lamoille County engaged in agricultural or forestry production | Lowered assessed value of the land | Must meet certain criteria and maintain eligibility |
It's important to note that there may be additional exemptions or deductions available, and individuals should consult with a tax professional or the Vermont Department of Taxes for more information. Additionally, each exemption or deduction may have specific requirements and eligibility criteria, so it's important to carefully review the details before applying or assuming eligibility.
When is Lamoille County Property Tax due ?
Lamoille County Property Tax is typically due twice a year, on November 15th and April 15th. Here are the payment methods available for taxpayers:
| Payment Method | Availability |
|---|---|
| Online | Available |
| Available | |
| In-person | Available |
To pay online, taxpayers can visit the Lamoille County Treasurer's website and click on the "Pay Your Taxes Online" link. They will need their tax bill number and payment information.
To pay by mail, taxpayers can send a check or money order to the Lamoille County Treasurer's Office. The address can be found on their tax bill.
To pay in-person, taxpayers can visit the Lamoille County Treasurer's Office during regular business hours. They can pay with cash, check, or money order.
It is important to note that late payments will incur penalties and interest. Taxpayers can contact the Lamoille County Treasurer's Office for more information or to discuss payment options.
If you have more questions - contact your local tax collector.
How is Lamoille County Property Tax penalty calculated ?
Lamoille County Property Tax Penalty Calculation:
Lamoille County property tax is assessed on an annual basis, and if the taxpayer fails to pay on time, penalties may be imposed. The penalty is added to the unpaid balance of the property tax bill. Here's how the Lamoille County Property Tax penalty is calculated:
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Late Payment Penalty: If the full payment of the property tax is not received by the due date, a late payment penalty of 1% per month (or portion thereof) will be imposed. The maximum late payment penalty is 8%. For example, if a taxpayer's property tax bill is $10,000 and they fail to pay by the due date, a 1% penalty of $100 will be imposed for the first month, and an additional $100 penalty will be imposed for each subsequent month until the tax is paid in full.
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Delinquent Tax Penalty: If the property tax remains unpaid after the last business day in April, an additional penalty of 8% will be imposed on the unpaid balance. Using the example above, if the taxpayer still has a balance of $10,000 on May 1st, an additional $800 penalty will be added to the original late payment penalty.
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Interest on Unpaid Tax: In addition to the late payment penalty and delinquent tax penalty, interest will be imposed on any unpaid tax. The interest rate is set by the Vermont Department of Taxes and changes annually. For the tax year 2021, the interest rate is 4%. Interest is calculated on the unpaid balance of the tax bill, including any penalties.
In summary, the Lamoille County Property Tax penalty is calculated as follows:
| Penalty | Rate |
|---|---|
| Late Payment | 1% per month (up to 8%) |
| Delinquent Tax | 8% |
| Interest on Tax | 4% per year (as of tax year 2021) |
Example: A taxpayer in Lamoille County owes $5,000 in property taxes for the year 2021. However, they fail to pay by the due date of November 15, 2021. The taxpayer finally pays their tax bill on March 15, 2022.
- Late Payment Penalty: $50 (1% of $5,000) for November 2021, plus $50 for each month from December 2021 to February 2022, for a total of $150.
- Delinquent Tax Penalty: $400 (8% of $5,000) for the unpaid balance.
- Interest on Tax: $80 (4% of $5,000) for the 2021 tax year.
The total penalty and interest on the unpaid tax bill would be $630. Therefore, the taxpayer would need to pay $5,630 in total to clear their property tax bill.
We recommend contacting the Lamoille County Tax Office or a local tax professional for the most up-to-date and accurate information.