Example of Licking County Property Tax Calculation
Licking County property taxes are calculated based on the assessed value of the property. The assessment is determined by the county auditor's office. Once the assessed value is determined, the tax rate is applied. The tax rate is set by multiple taxing authorities, including the county, township, and school district.
For example, let's say a property in Licking County has an assessed value of $100,000. The total tax rate for the property is 2.5%. This means the property owner would owe $2,500 in property taxes for the year.
It's important to note that property taxes can vary widely depending on the location and type of property. It's always a good idea to consult with a local real estate agent or tax professional for specific information regarding Licking County property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Licking County Property Tax Rates
The table below shows the Licking County Property Tax rates for the year 2021, in US dollars per $100 of assessed property value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential | $2.7800 |
| Agricultural | $2.3704 |
| Commercial | $4.3462 |
| Industrial | $4.3462 |
It is important to note that these rates are subject to change annually and may also vary depending on the specific location within Licking County. It's recommended to consult with a local tax expert for more detailed and personalized information.
Who sets property tax rates in Licking County ?
The Licking County Auditor's Office is responsible for setting and administering property tax rates in Licking County, Ohio. They determine the millage rate, which is used to calculate property taxes based on the assessed value of the property. The millage rate is set annually and is based on the needs of the county and its various taxing districts. Property owners receive tax bills in January and June of each year. It is important for property owners to understand the property tax system and how it impacts their finances. Consulting with a qualified tax advisor can provide valuable insights and help ensure compliance with tax laws and regulations.
Homestead exemptions in Licking County ?
Here is the requested information on Homestead exemptions and deductions specific to Licking County, Ohio:
Homestead Exemptions and Deductions in Licking County, Ohio
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Owner-occupied homes | $25,000 | Must be at least 65 years old or totally and permanently disabled |
| Homestead Exemption | Owner-occupied homes | $25,000 | Applies to surviving spouses of eligible individuals |
| Disabled Veterans' Exemption | Disabled veterans | Variable | Based on degree of disability and property value |
| Military Exemption | Active-duty military personnel | Variable | Based on length of service and property value |
| Senior Citizen's Credit | Senior citizens | $50 | Must be at least 65 years old and have a total income of less than $31,500 |
| Homestead Exemption for Surviving Spouses of Public Service Officers | Surviving spouses of public service officers | $25,000 | Must have died in the line of duty |
Please note that these exemptions and deductions are specific to Licking County and may differ from those in other counties in Ohio or other states in the US. It is important to consult with a qualified tax professional or government agency for the most up-to-date and accurate information.
When is Licking County Property Tax due ?
Licking County Property Tax is typically due on January 20th every year. However, this due date may vary depending on weekends or holidays. It is important to note that failure to pay this tax on time will result in penalties and interest charges.
There are various payment methods available for Licking County Property Tax. These methods include:
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Online Payment: Licking County Treasurer's website allows taxpayers to pay their property taxes online using credit/debit cards or e-checks. An additional convenience fee may apply.
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Mail Payment: Taxpayers can also mail their property tax payments to the Licking County Treasurer's office. Payments must be postmarked by the due date to avoid penalties.
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In-Person Payment: Taxpayers can visit the Licking County Treasurer's office and pay their property tax bills in person using cash, check or credit/debit cards. An additional convenience fee may apply.
It is important to note that property taxes in Licking County are based on the property value determined by the county auditor's office. The taxes collected are used to fund various local government functions and services such as schools, libraries, and law enforcement.
If you have more questions - contact your local tax collector.
How is Licking County Property Tax penalty calculated ?
Licking County Property Tax Penalty Calculation:
When a property owner fails to pay their property taxes on time, they will incur a penalty fee. The penalty fee is calculated based on two factors: the amount of taxes owed and the number of days past the due date.
The penalty fee percentage is determined by the Ohio Revised Code and cannot exceed 10% of the unpaid balance. The penalty fee is calculated daily, starting from the day after the due date, until the taxes are paid in full.
Here’s an example of how the penalty fee is calculated in Licking County:
- A property owner owes $2,000 in property taxes.
- The due date for the taxes is January 31st.
- The property owner fails to pay the taxes by the due date and waits until February 15th to make the payment.
- The number of days past the due date is calculated by subtracting the due date from the payment date: 15 (February 15th) - 31 (January 31st) = 15 days past due.
- The penalty fee percentage is 5% for the first ten days past due and 0.5% for each additional day. Therefore, the penalty fee percentage for this example is: 5% x 10 + 0.5% x 5 = 52.5%
- The penalty fee amount is calculated by multiplying the unpaid balance ($2,000) by the penalty fee percentage (52.5%): $2,000 x 52.5% = $1,050.
- The total amount due is calculated by adding the penalty fee to the unpaid balance: $2,000 + $1,050 = $3,050.
In summary, the penalty fee for Licking County Property Taxes is calculated based on the amount owed and the number of days past due. Property owners can avoid penalties by paying their taxes on time.
We recommend contacting the Licking County Tax Office or a local tax professional for the most up-to-date and accurate information.