Example of Lawrence County Property Tax Calculation
In Lawrence County, property taxes are calculated based on the assessed value of the property. To determine the assessed value, the county assessor's office conducts an evaluation of the property and assigns a value to it. This value is then multiplied by the current tax rate, which is set by the county government.
For example, if a residential property in Lawrence County has an assessed value of $100,000 and the current 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 are used to fund local government services such as schools, police and fire departments, and road maintenance. These services benefit the entire community and are essential for maintaining a high quality of life in Lawrence County.
If you want appeal your property tax assessment - contact your local tax assessor.
Lawrence County Property Tax Rates
The following table displays the Lawrence County Property Tax rates per $100 of assessed value:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.50 |
| School | $2.31 |
| City | $1.29 |
| Road | $0.18 |
| Solid Waste | $0.60 |
| Health | $0.07 |
| Library | $0.09 |
It is important to note that these rates may vary depending on the specific location and property within Lawrence County.
Who sets property tax rates in Lawrence County ?
Who sets property tax rates in Lawrence County?
The Lawrence County Board of Commissioners sets property tax rates in Lawrence County. This is the governing body responsible for managing the county's finances, including the setting of property tax rates.
When are property tax rates set in Lawrence County?
Property tax rates in Lawrence County are set annually by the Board of Commissioners. The exact date of the annual meeting can vary, but it is typically held in the fall before the start of the next fiscal year. Property owners in Lawrence County receive notification of any changes in property tax rates prior to the start of the new fiscal year on January 1st.
How are property tax rates calculated in Lawrence County?
Property tax rates in Lawrence County are based on the assessed value of a property and the current millage rate. The millage rate is determined by the Board of Commissioners and represents the amount of tax owed per $1,000 of assessed property value.
To calculate the property tax owed on a property, simply multiply the assessed value by the millage rate and divide by 1,000. For example, if a property is assessed at $100,000 and the millage rate is 10, the property tax owed would be $1,000 ($100,000 x 10 / 1,000).
It's important to note that property tax rates can vary between different municipalities within Lawrence County, so it's important for property owners to check with their local government to determine the exact tax rate for their property.
Homestead exemptions in Lawrence County ?
Here's a sample text:
To help taxpayers in Lawrence County, Illinois, this blog post presents a table of Homestead exemptions and deductions that are specific to their county. These exemptions and deductions can help reduce the taxable value of a person's primary residence, which lowers their property taxes.
The table has four columns: exemption, eligibility, amount, and notes. Here is what each column represents:
- Exemption: The name or type of exemption/deduction.
- Eligibility: The requirements or criteria that a person must meet to qualify for the exemption/deduction.
- Amount: The monetary value of the exemption/deduction, either as a fixed dollar amount or a percentage of the property's assessed value.
- Notes: Any additional information or restrictions that apply to the exemption/deduction.
Below is the table of Homestead exemptions and deductions in Lawrence County, Illinois:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied primary residence as of January 1st | Up to $6,000 reduction in equalized assessed value (EAV) | No age or income restrictions |
| Senior Citizens Homestead Exemption | Owner-occupied primary residence as of January 1st by someone aged 65 or older | Up to $5,000 reduction in EAV | Maximum annual income of $65,000 |
| Homestead Improvement Exemption | Owner-occupied primary residence that undergoes a substantial renovation or addition | Up to $75,000 reduction in EAV | Expires after 4 years |
| Disabled Veterans' Homestead Exemption | Owner-occupied primary residence as of January 1st by someone who served in the US Armed Forces and has a disability rating of at least 30% | Up to $100,000 reduction in EAV | Expires if the veteran no longer owns the property or if their disability rating falls below 30% |
Note that there may be other state or federal exemptions/deductions that taxpayers in Lawrence County could qualify for, but this table only covers the county-specific ones. Taxpayers should consult with their local assessors or tax offices to determine their eligibility and apply for these exemptions/deductions.
When is Lawrence County Property Tax due ?
Lawrence County Property Tax is typically due on February 15th of each year. Here are the methods that can be used to make payments:
| Payment Method | Description |
|---|---|
| Online Payment | You can pay your property tax online using a credit card or electronic check. This service is available through the Lawrence County Treasurer's website. |
| In-person Payment | You can pay in person at the Lawrence County Treasurer's Office located in the County Courthouse. |
| Mail Payment | You can pay by sending a check or money order along with the property tax bill to the Lawrence County Treasurer's Office. Please make sure to include the bill stub and write the parcel number on the check or money order. |
It is important to note that if the property tax is not paid by the due date, penalties and interest will accrue. Therefore, it is recommended to make payments on time using one of the available methods.
If you have more questions - contact your local tax collector.
How is Lawrence County Property Tax penalty calculated ?
Introduction:
Lawrence County property owners are required to pay property tax every year. If you fail to pay the property tax on time, a penalty will be imposed. In this blog post, we will explain how the penalty is calculated and provide an example.
Calculation of Penalty:
The penalty for late payment of property tax is calculated based on the amount of tax owed and the number of days late. The penalty rate is set at 1.5% per month, which means that the penalty will increase over time.
To calculate the penalty, use the following formula:
penalty = (tax owed * 0.015 * number of days late)
For example, let's say that John owns a property in Lawrence County and owes $2,000 in property tax. The due date for the payment is January 31st, but John fails to pay until June 30th. This means that John is 151 days late.
Using the formula above, we can calculate John's penalty:
penalty = ($2,000 * 0.015 * 151) = $452.25
Therefore, John will have to pay a total of $2,452.25 in property tax and penalty.
Conclusion:
In conclusion, the penalty for late payment of property tax in Lawrence County is calculated based on the amount of tax owed and the number of days late. It is important to pay property tax on time to avoid penalties and additional charges. If you have any further questions or concerns about property tax penalties in Lawrence County, please contact your local tax office for assistance.
We recommend contacting the Lawrence County Tax Office or a local tax professional for the most up-to-date and accurate information.