Example of Larue County Property Tax Calculation
In Larue County, property tax is calculated by multiplying the assessed value of the property by the current tax rate. For example, if a property in Larue County is assessed at $100,000 and the tax rate is 1%, the property tax would be $1,000. The assessed value is determined by the county assessor's office and is based on the value of the property and any improvements made to it. The tax rate is set by the local government and can vary depending on the area and the services provided by the government. Property owners in Larue County can expect to receive a tax bill each year based on the assessed value and tax rate.
If you want appeal your property tax assessment - contact your local tax assessor.
Larue County Property Tax Rates
The following is a formatted table of the Larue County Property Tax rates, listed by tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.628 |
| Tangible Property | $0.484 |
| Motor Vehicle | $0.058 |
| Motor Vehicle - Supplemental | $0.01 |
| Utility Property | $0.628 |
It is important for taxpayers in Larue County to be aware of these rates when calculating their property tax obligations.
Who sets property tax rates in Larue County ?
Property tax rates in Larue County, USA are set by the county government's Fiscal Court. The Fiscal Court comprises the county judge-executive and magistrates elected to represent each district in the county. The court sets property tax rates annually, typically in the June-July timeframe.
The property tax rate is calculated based on the value of the property in question. The county government assesses the value of the property and applies a tax rate to that value. The resulting tax payment is used to fund various county services, including schools, law enforcement, and infrastructure.
In Larue County, property tax rates are set based on a combination of county needs and state guidelines. The state government provides guidance on how much revenue counties can raise through property taxes, but the exact rate is ultimately up to the local government.
It's important to note that property tax rates can vary widely between different areas within the county, depending on local needs and property values. Property owners can typically find out their specific tax rate by contacting the county government or checking their annual property tax statement.
When is Larue County Property Tax due ?
According to the Larue County Property Valuation Administrator (PVA), property tax payments are typically due on November 1st each year. However, taxpayers have until January 31st of the following year to make their payment without incurring a penalty.
There are several payment methods available to Larue County property owners, including:
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In person: Taxpayers can visit the Larue County Sheriff's Office to make their payment in person. The office is located at 209 West High Street, Suite 101, in Hodgenville, KY.
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By mail: Payments can be mailed to the Larue County Sheriff's Office at P.O. Box 229, Hodgenville, KY 42748. Checks should be made payable to "Larue County Sheriff."
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Online: Taxpayers can make their payment online using a credit or debit card via the Larue County Sheriff's Office website.
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By phone: Payments can also be made over the phone by calling the Larue County Sheriff's Office at (270) 358-3120.
It is important to note that property tax rates and due dates can vary by county and state, so it is always recommended for taxpayers to check with their local PVA or county government for specific information.
If you have more questions - contact your local tax collector.
Homestead exemptions in Larue County ?
In Larue County, Kentucky, there are a variety of Homestead exemptions and deductions available to eligible residents. Here is a breakdown of the county-specific exemptions and deductions in a table format for easy reading:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must own and occupy the property as a primary residence | Up to $39,300 of the assessed value of the property | Must apply by December 31st |
| Disability Exemption | Must be totally and permanently disabled | Up to $37,600 of the assessed value of the property | Must apply by December 31st |
| Veteran's Exemption | Must be a veteran who is totally and permanently disabled or over the age of 65 | Up to $37,600 of the assessed value of the property | Must apply by December 31st |
| Widows or Widowers Exemption | Must be a surviving spouse of a veteran or first responder who died in the line of duty | Up to $37,600 of the assessed value of the property | Must apply by December 31st |
| Farm Machinery Exemption | Must own and use farm machinery for agricultural purposes | Varies based on the value of the machinery | Must apply by May 15th |
It is important to note that these exemptions and deductions are county-specific and may differ from other counties in Kentucky. It is recommended that eligible residents apply for these exemptions and deductions to potentially save on their property taxes.
How is Larue County Property Tax penalty calculated ?
Larue County Property Tax Penalty Calculation
Property taxes are one of the significant sources of revenue for local governments, such as schools, counties, and cities. When property owners fail to pay their taxes on time, they may incur penalties and interest charges. The Larue County property tax penalty is calculated based on a few factors.
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Due Date: The first half of the property taxes must be paid by November 1st, and the second half is due by May 1st of the following year. If the payment is not received by the due date, the property owner will incur a 5% penalty on the unpaid amount.
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Interest Charges: If the property taxes are still unpaid after the due date, interest charges will begin to accrue at a rate of 1% per month. This interest will continue until the taxes are paid in full.
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Delinquent Taxes: If the property taxes remain unpaid for an extended period, the property owner may face additional penalties and legal action. After 15 months of unpaid taxes, the property can be sold at a tax sale.
Example:
Suppose a property owner in Larue County owes $2,000 in property taxes for the year. If they fail to make the first-half payment by November 1st, they will incur a 5% penalty of $100. If they still have not paid by December 1st, they will also begin to accrue interest charges of 1% per month ($20 per month). If the taxes remain unpaid for six months, the total amount due would be $2,220.
In conclusion, it is important for property owners in Larue County to pay their property taxes on time to avoid incurring penalties and interest charges. If the taxes remain unpaid for an extended period, the property owner may face additional consequences such as legal action and the sale of their property at a tax sale.
We recommend contacting the Larue County Tax Office or a local tax professional for the most up-to-date and accurate information.