Example of Latah County Property Tax Calculation
Latah County calculates property taxes based on the assessed value of a property. To determine the assessed value, county officials use a formula that takes into account the market value of the property, any improvements made to the property, and any exemptions or deductions for which the property owner may be eligible.
Once the assessed value is determined, the county applies a tax rate to calculate the property tax owed. For example, if the assessed value of a property is $100,000 and the tax rate is 1%, the property owner would owe $1,000 in property taxes for the year.
It's important to note that property taxes in Latah County may vary depending on which taxing districts the property is located in. These districts may include school districts, fire districts, and others.
Overall, property taxes are an important source of revenue for Latah County, helping to fund essential services like schools, public safety, and infrastructure.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Latah County ?
Latah County property tax rates are set by the Latah County Board of Commissioners. The board meets annually in September to determine the tax rate for the upcoming year. The tax rate is based on the assessed value of the property and is used to calculate the amount of property tax owed by the property owner. Property tax revenue is used to fund local government services such as schools, law enforcement, and road maintenance. Property owners in Latah County can view their property's assessed value and current tax rate on the county assessor's website.
Latah County Property Tax Rates
The Latah County Property Tax rates for 2021 are as follows:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County General | $1.9043 |
| County Library | $0.3158 |
| County Noxious | $0.0215 |
| County Weed | $0.0273 |
| School | $3.1353 |
| Highway District | $0.5557 |
| Mosquito Abatement District | $0.0386 |
| Cemetery District | $0.0233 |
Note that these rates are subject to change and may vary based on individual property assessments. It is recommended that property owners consult with a tax professional for more personalized advice.
When is Latah County Property Tax due ?
Latah County Property Tax is typically due on December 20 of each year. However, if the due date falls on a Saturday, Sunday, or legal holiday, the payment is extended until the following business day.
There are several payment methods available for Latah County Property Tax, including:
- Online: Payments can be made through the Latah County Treasurer's website using a credit or debit card, or an electronic check.
- Mail: Payments can be mailed to the Latah County Treasurer's Office, along with a postmark on or before the due date.
- In-person: Payments can be made in person at the Latah County Treasurer's Office during regular business hours.
Late payments are subject to penalty and interest charges, so it's important to make payment on time. Property owners can also choose to make partial payments throughout the year to avoid a large lump sum payment in December.
Overall, Latah County provides several convenient payment options for property tax payments, allowing property owners to choose the method that works best for them.
If you have more questions - contact your local tax collector.
Homestead exemptions in Latah County ?
To understand the various Homestead exemptions and deductions available in Latah County, Idaho, take a look at the following table:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Property Tax Reduction | Over 65 or disabled | Up to $1,320 | Must live in primary residence and meet income requirements |
| Circuit Breaker | Over 65 or disabled | Up to $1,320 | Must live in primary residence and meet income requirements |
| Surviving Spouse | Surviving spouse of a qualified person | Up to $1,320 | Must live in primary residence and meet income requirements |
| Homeowners Exemption | Owner-occupied primary residence | Up to $100,000 of assessed value | Only applies to primary residence |
| Disabled Veterans Exemption | Honorably discharged veteran with service-connected disability | Up to $149,810 of assessed value | Must have 10% or greater service-connected disability |
| Widows of Veterans | Surviving spouse of a veteran | Up to $1,320 | Must live in primary residence and meet income requirements |
| Widows of Firefighters and Police Officers | Surviving spouse of a firefighter or police officer killed in the line of duty | Up to $1,320 | Must live in primary residence |
These exemptions and deductions apply specifically to Latah County, Idaho. It is important to note that eligibility and amount may vary depending on individual circumstances, so it is advised to consult with a tax professional for more detailed information.
How is Latah County Property Tax penalty calculated ?
Latah County property tax penalty is calculated based on a percentage of the unpaid taxes. The penalty is added to the outstanding balance of the property owner's tax bill. Here is an example to illustrate the calculation:
Let's say that an individual in Latah County owns a property with an assessed value of $200,000 and their property tax bill for the year is $2,000. If they fail to pay the full tax amount by the due date, a penalty will be imposed on the unpaid balance. The penalty rate varies but is typically around 2% of the unpaid taxes each month.
If the property owner fails to pay their taxes for three months, the calculation of the penalty will be as follows:
| Month | Unpaid Taxes | Penalty Rate | Penalty Amount |
|---|---|---|---|
| 1 | $2,000 | 2% | $40 |
| 2 | $2,040 | 2% | $40.80 |
| 3 | $2,080.80 | 2% | $41.62 |
Therefore, the total penalty for three months would be $122.42. In addition to the penalty, interest may also be charged on the unpaid taxes.
It is important for property owners in Latah County to pay their property taxes on time to avoid penalties and interest charges. If you have any questions about property taxes or penalties, it is recommended to contact the Latah County Treasurer's office for more information.
We recommend contacting the Latah County Tax Office or a local tax professional for the most up-to-date and accurate information.