Example of Leake County Property Tax Calculation
Leake County Property Tax calculation is based on the assessed value of the property and the current millage rate. The assessed value of a property is determined by the Leake County Tax Assessor's office and is typically equal to about 10% of the property's fair market value.
For example, if a property's fair market value is $100,000, the assessed value would be $10,000. The millage rate for Leake County is currently 110 mills, which means that for every $1,000 of assessed value, the property owner would owe $110 in property taxes.
Using the example above, the property owner would owe $1,100 in Leake County Property Taxes ($10,000 assessed value x 110 mills). It's important to note that property taxes are typically due in two installments, with the first half due by February 1st and the second half due by August 1st.
Overall, understanding how Leake County property taxes are calculated can help property owners plan and budget accordingly.
If you want appeal your property tax assessment - contact your local tax assessor.
Leake County Property Tax Rates
The following table lists the Leake County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.425 |
| School District | $0.565 |
| State General Fund | $0.420 |
| County Road and Bridge Fund | $0.385 |
| Hospital | $0.033 |
| Fire Protection District | $0.010 |
| Total | $1.818 |
Note: These rates are subject to change and may vary depending on the exact location and valuation of the property. It is recommended to consult with a tax professional for accurate and up-to-date information regarding property taxes in Leake County.
Who sets property tax rates in Leake County ?
The property tax rates in Leake County are set by the Board of Supervisors. This board is made up of five elected officials who serve staggered four-year terms. They are responsible for establishing and approving the county's annual budget, which includes the property tax rates. The rates are typically set during the board's annual budget meetings, which are held in August and September. Once the rates are established, property owners in Leake County receive a notice of their tax assessment and have the opportunity to appeal if they believe there has been an error.
Homestead exemptions in Leake County ?
In Leake County, Mississippi, there are various Homestead exemptions and deductions available to eligible individuals. To provide a clear overview, the following table outlines the different exemptions, eligibility criteria, maximum amounts, and any additional notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Regular Homestead Exemption | Any individual who owns and occupies a home as their primary residence in Leake County, Mississippi. | Up to $7,500 of assessed value of the home. | Must apply by April 1st of the tax year. |
| Additional Homestead Exemption for Individuals 65 or Older or with Disability | Any individual who is 65 years of age or older or has a disability, and owns and occupies a home as their primary residence in Leake County, Mississippi. | Up to an additional $2,000 of assessed value of the home. | Must apply by April 1st of the tax year. |
| Homestead Exemption for Total Disability | Any individual who has a total disability and owns and occupies a home as their primary residence in Leake County, Mississippi. | Full exemption of assessed value of the home. | Must provide documentation of total disability and apply by April 1st of the tax year. |
| Homestead Exemption for Disabled Veterans | Any veteran who has been honorably discharged and has a total disability due to military service, and owns and occupies a home as their primary residence in Leake County, Mississippi. | Full exemption of assessed value of the home. | Must provide documentation of disability and apply by April 1st of the tax year. |
| Homestead Exemption for Surviving Spouse of a Veteran | Any surviving spouse of a veteran who was killed in action, died while on active duty, or had a total disability due to military service, and owns and occupies a home as their primary residence in Leake County, Mississippi. | Full exemption of assessed value of the home. | Must provide documentation and apply by April 1st of the tax year. |
It is important to note that these exemptions and deductions are subject to change and may have different eligibility criteria in other counties or states. To apply for any of these exemptions or deductions, individuals should contact the Leake County Tax Assessor's office.
When is Leake County Property Tax due ?
Leake County Property Tax is typically due on February 1st of each year. Taxpayers have until April 1st to make their payments without incurring any penalties or interest charges.
There are several payment methods available for Leake County Property Tax, including:
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In person: Taxpayers can make payments in person at the Leake County Tax Assessor's office during business hours.
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By mail: Payments can also be made by sending a check or money order to the Leake County Tax Assessor's office. The address for mailing payments is typically provided on the tax bill.
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Online: Taxpayers can make payments online using a credit card or electronic check. The Leake County Tax Assessor's website typically provides a link to an online payment portal.
It's important for taxpayers to remember that late payments can result in penalties and interest charges, so it's best to make payments on time. Additionally, if a taxpayer is struggling to make their payment, they may be eligible for a payment plan or other assistance programs.
If you have more questions - contact your local tax collector.
How is Leake County Property Tax penalty calculated ?
Leake County Property Tax Penalty Calculation:
If a property owner in Leake County fails to pay their property taxes by the due date, they will be subject to a penalty. The penalty is calculated as a percentage of the total amount of unpaid taxes.
The penalty rate is determined by the length of time the taxes remain unpaid. Here's a breakdown of the penalty rates for Leake County:
| Timeframe | Penalty Rate |
|---|---|
| 1-30 days late | 1% |
| 31-60 days late | 2% |
| 61-90 days late | 3% |
| 91-120 days late | 4% |
| 121-150 days late | 5% |
| 151-180 days late | 6% |
For example, if a property owner owed $1,000 in property taxes and failed to pay for 60 days, their penalty would be $20 (2% of $1,000). If they continued to go unpaid for 120 days, the penalty would increase to $40 (4% of $1,000).
It's important to remember that property taxes are due on January 1st of each year and become delinquent on February 1st. So, property owners in Leake County should make sure to pay their taxes on time to avoid any unnecessary penalties.
We recommend contacting the Leake County Tax Office or a local tax professional for the most up-to-date and accurate information.