Example of Lexington City Property Tax Calculation
Lexington City Property Tax is calculated based on the assessed value of a property. The City's Assessor's Office determines the assessed value of each property based on various factors such as the property's location, size, and condition.
To calculate the property tax, the assessed value is multiplied by the tax rate. For example, if the assessed value of a property is $100,000 and the tax rate is 0.80%, the property tax would be $800.
It's important to note that property tax rates can vary depending on the state, county, and city in which the property is located. Property owners can contact their local government offices to get more information about specific property tax rates in their area.
If you want appeal your property tax assessment - contact your local tax assessor.
Lexington City Property Tax Rates
Tax Rates in Lexington City
The following table shows the property tax rates in Lexington City for the year 2021.
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $0.50 |
| Personal Property | $4.20 |
| Machinery and Tools | $1.50 |
| Merchants' Capital | $1.10 |
| Mobile Homes | $0.50 |
It is important to note that these tax rates are subject to change based on local government policies and assessments. Property owners in Lexington City should consult with a tax professional for more specific information regarding their individual property tax obligations.
Who sets property tax rates in Lexington City ?
Who sets property tax rates in Lexington City?
The property tax rates in Lexington City are set by the City Council. This council is made up of elected officials who are responsible for making decisions regarding the budget and other financial matters that affect the city. The council meets regularly to review the budget and determine the tax rate that will be applied to all properties within the city limits.
When is the property tax rate set in Lexington City?
The property tax rate in Lexington City is typically set during the annual budget process. The budget process begins in the early months of the year and typically concludes in the spring. During this time, the City Council reviews the previous year's budget and considers any changes that need to be made for the upcoming year. Once the budget is finalized, the council sets the property tax rate for the coming year. This rate is then applied to all properties within the city limits.
When is Lexington City Property Tax due ?
According to the Lexington City website, property taxes are typically due on December 5th of each year. However, if December 5th falls on a weekend, the due date is extended to the following business day.
There are several payment methods available to residents in Lexington City. These methods include:
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Online: Residents can pay their property taxes online through the city website. They can pay using a debit or credit card, or by electronic check.
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Mail: Residents can mail their property tax payments to the address listed on their tax bill. The city accepts checks and money orders by mail.
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In Person: Residents can also pay their property taxes in person at the Lexington City Treasurer's Office. The office is located at 300 E. Washington Street and is open Monday through Friday from 8:00am to 5:00pm.
It is important to note that late payments will result in penalties and interest charges. Therefore, it is recommended that residents pay their property taxes on or before the due date to avoid any additional fees.
If you have more questions - contact your local tax collector.
Homestead exemptions in Lexington City ?
To help homeowners in Lexington City, Virginia understand the Homestead exemptions and deductions available, here is a comprehensive table that includes all county-specific information.
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners residing in the property as their primary residence, regardless of age or income | $20,000 | Must apply at the Commissioner of Revenue’s office |
| Elderly or Disabled Homestead Exemption | Homeowners 65 years of age or older, or permanently and totally disabled | $30,000 | Must apply at the Commissioner of Revenue’s office |
| Disabled Veteran Exemption | Veterans who have a 100% service-related disability and their surviving spouses | Full exemption of property taxes | Must apply at the Commissioner of Revenue’s office |
| Surviving Spouses of Military or First Responder Exemption | Surviving spouse of a military member killed in action or first responder killed in the line of duty | Full exemption of property taxes | Must apply at the Commissioner of Revenue’s office |
| Land Use Assessment | Landowners who use their property for agricultural, horticultural, or forestal purposes | Varies based on use | Must apply at the Commissioner of Revenue’s office |
It’s important to note that these exemptions and deductions may change over time and may vary by county or municipality. Homeowners should contact their local Commissioner of Revenue’s office to learn more about the specific Homestead exemptions and deductions available to them.
How is Lexington City Property Tax penalty calculated ?
Lexington City calculates property tax penalties based on a percentage of the unpaid taxes, which is added to the original tax amount. The penalty rate is determined by the due date of the tax payment and the number of days past due. Here's an example to better illustrate the calculation process:
Let's say John owns a property in Lexington City and owes $2,000 in property taxes due on January 31st. He misses the due date and pays on May 15th, which is 75 days late.
The penalty rate for payments made after January 31st but before March 1st is 5%. For payments made after March 1st, the penalty rate increases to 10%. Therefore, John's penalty rate would be 10% since he paid 75 days late.
To calculate the penalty, we first need to determine the amount of taxes owed for the 75 days of delinquency. We can do this by dividing the annual property tax by 365 days and then multiplying it by 75:
$2,000 / 365 days x 75 days = $410.96
Next, we apply the penalty rate of 10% to the total amount owed, which includes both the original tax amount and the late payment amount:
$2,000 + $410.96 = $2,410.96 $2,410.96 x 10% = $241.10
The total amount John would owe, including the penalty, would be $2,651.06:
$2,000 + $410.96 + $241.10 = $2,651.06
It's important to note that property owners can avoid penalties by paying their property taxes on time. If you're unsure about the due dates or penalty rates for Lexington City property taxes, it's best to consult with a tax professional or contact the city's tax department for more information.
We recommend contacting the Lexington City Tax Office or a local tax professional for the most up-to-date and accurate information.