Example of Lycoming County Property Tax Calculation
In Lycoming County, the property tax calculation is determined by multiplying the assessed value of a property with the current tax rate. The assessed value is determined by the county assessors, who evaluate the property's market value, condition, and location. The current tax rate is set by the county commissioners and varies depending on the municipality in which the property is located.
For example, if a property in Lycoming County has an assessed value of $150,000 and the tax rate is 2.5%, the annual property tax would be $3,750 ($150,000 x 0.025 = $3,750). Property owners have the option to pay their property taxes in full or in installments, and may qualify for certain exemptions or deductions based on their age, income, or disability status.
It is important for property owners in Lycoming County to understand the property tax calculation process and the various options available to them for payment and exemptions.
If you want appeal your property tax assessment - contact your local tax assessor.
Lycoming County Property Tax Rates
Here is the table listing the Lycoming County Property Tax rates in a formatted format:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $4.75 |
| Municipal Tax | Varies by town/city, typically between $2.50-$10.00 |
| School Tax | Varies by school district, typically between $10.00-$20.00 |
Please note that the municipal and school taxes vary depending on the specific town/city or school district within Lycoming County. It is recommended that taxpayers check with their local tax office for the most up-to-date rates.
Who sets property tax rates in Lycoming County ?
Property Tax Rates in Lycoming County
In Lycoming County, property tax rates are set annually by the local government officials.
Who Sets the Property Tax Rates?
The Lycoming County Board of Commissioners is responsible for setting the property tax rates. The board is made up of three elected officials who serve four-year terms.
When are the Property Tax Rates Set?
The property tax rates are set annually during budget discussions, which typically occur in the fall. The board considers various factors when setting the rates, including the county's financial needs, property values, and the amount of revenue needed to support essential services such as schools, police, and fire departments.
How are Property Taxes Assessed?
Property taxes are based on the assessed value of a property, which is determined by the Lycoming County Assessment Office. The office uses a variety of factors to determine the value of a property, such as its size, location, and condition. Property owners receive a bill for their property taxes each year, which is due by a specified date. Late payments may result in penalties and interest fees.
In summary, the Lycoming County Board of Commissioners sets the property tax rates annually during budget discussions based on various factors. Property taxes are assessed by the Lycoming County Assessment Office and are due each year by a specified date.
Homestead exemptions in Lycoming County ?
To assist Lycoming County residents in understanding the various Homestead exemptions and deductions available, a table with four columns has been created below:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead exclusion | Homeowners | 100% of assessed value | Applies to primary residence |
| Tax relief for seniors | Homeowners 65 or older | Up to $650 | Income limit of $35,000 |
| Tax relief for disabled veterans | Veterans with 100% service-connected disability | Up to $1,320 | Applies to primary residence |
| Tax relief for widows or widowers | Widows or widowers of qualified individuals | Up to $650 | Must have been receiving exemption at time of death |
| Fire company and emergency services tax exemption | Homeowners | Amount varies | Applies to properties within certain fire districts |
| Clean and green program | Landowners | Reduced assessment | Applies to agricultural or forest land |
| Historic preservation tax credit | Property owners | Up to 25% of rehabilitation expenses | Applies to certified historic structures |
Please note that eligibility requirements and amounts may vary based on individual circumstances and specific property locations. It is recommended to consult with a tax professional or the Lycoming County Assessment Office for further information on these exemptions and deductions.
When is Lycoming County Property Tax due ?
Lycoming County Property Tax is typically due on June 30th of each year. However, taxpayers have the option to pay their property taxes in two installments: the first installment is due by March 31st, and the second installment is due by September 30th.
There are several payment methods available for taxpayers to pay their property taxes in Lycoming County. These payment methods include:
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Online payment: Taxpayers can pay their property taxes online through the Lycoming County website. This payment method accepts electronic checks and credit/debit cards.
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Mail: Taxpayers can mail in their property tax payment to the Lycoming County Treasurer's Office. The address for the office is 48 West Third Street, Williamsport, PA 17701.
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In-person: Taxpayers can make their property tax payment in person at the Lycoming County Treasurer's Office. The office is located at 48 West Third Street, Williamsport, PA 17701.
It is important to note that Lycoming County does not accept phone payments for property taxes. Additionally, if a taxpayer fails to pay their property taxes on time, they may face penalties and interest fees. Therefore, it is important to make timely payments in order to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Lycoming County Property Tax penalty calculated ?
Lycoming County calculates property tax penalties based on the amount of time the tax payment is delinquent. The penalty is added to the amount due and is calculated as a percentage of the unpaid taxes.
The penalty for late payment is as follows:
- 10% penalty added to the unpaid tax amount if paid after the due date but within 60 days of the due date.
- 15% penalty added to the unpaid tax amount if paid after 60 days but within one year of the due date.
- 20% penalty added to the unpaid tax amount if paid after one year but within two years of the due date.
- After two years, the property may be subject to a tax sale.
For example, if a property owner owes $1,000 in property taxes and fails to pay by the due date of July 1, they will owe an additional $100 (10% penalty) if paid by September 1. If they pay after September 1 but within one year of the due date, they will owe an additional $150 (15% penalty), for a total of $1,250 owed.
It is important for property owners in Lycoming County to pay their property taxes on time to avoid penalties and potential tax sales.
We recommend contacting the Lycoming County Tax Office or a local tax professional for the most up-to-date and accurate information.