Who sets property tax rates in Macon County ?
In Macon County, property tax rates are set by the Macon County Board of Commissioners. This occurs annually during the budgeting process for the county. The Board of Commissioners takes into account various factors such as the county's revenue needs, expenditures, and property values when determining the appropriate tax rate for the year. It is important to note that property tax rates can vary from year to year depending on the county's financial situation.
Example of Macon County Property Tax Calculation
Macon County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office and is calculated at 33.33% of the fair market value of the property.
To calculate the property tax, the assessed value is multiplied by the tax rate for the area. For example, if the assessed value of a property in Macon County is $100,000 and the tax rate for the area is $1.00 per $100 of assessed value, then the property tax would be $1,000 ($100,000 x 0.01).
In addition to the county tax rate, there may be other taxes and fees assessed on the property, such as school district taxes and special assessments. These additional taxes and fees vary depending on the location and type of property.
It's important to note that property tax rates and calculations can change from year to year, so it's important to stay up to date on any changes in your area.
If you want appeal your property tax assessment - contact your local tax assessor.
Macon County Property Tax Rates
The Macon County Property Tax rates for the current fiscal year are as follows:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $0.62 |
| Municipal Tax | $0.00 - $0.88 (varies by location) |
| School Tax | $0.57 |
| Fire District Tax | $0.090 - $0.25 (varies by district) |
| Special District Tax | Varies by district |
It's important to note that the rates listed above are subject to change and may vary depending on the location and specific property being assessed. As a tax advisor, it's recommended to consult with the Macon County Tax Assessor's office or a qualified professional for more specific information and guidance on property tax rates in the area.
Homestead exemptions in Macon County ?
To inform readers about the Homestead exemptions and deductions available in Macon County, Illinois, a table with the following columns can be created:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Available to homeowners who occupy their primary residence | Up to $6,000 in assessed value | |
| Senior Citizen Homestead Exemption | Available to homeowners 65 years or older who occupy their primary residence | Up to $5,000 in assessed value | |
| Senior Freeze Homestead Exemption | Available to homeowners 65 years or older who have an annual household income of $65,000 or less and who have received the Senior Citizen Homestead Exemption | Freezes the assessed value at the level of the year the homeowner first qualified for the Senior Citizen Homestead Exemption | |
| Disabled Veterans' Homestead Exemption | Available to veterans with a service-connected disability of at least 30% who occupy their primary residence | Up to $2,500 in assessed value | |
| Disabled Persons' Homestead Exemption | Available to homeowners with a disability who occupy their primary residence | Up to $2,000 in assessed value | |
| Returning Veterans' Homestead Exemption | Available to veterans who have served in an active duty war or conflict and who have returned within the last two years | Up to $5,000 in assessed value |
It is important to note that certain eligibility requirements, such as residency and ownership, may apply to each exemption. Additionally, homeowners may only receive one exemption per property. For more information on Homestead exemptions and deductions in Macon County, individuals can visit the county's website or contact the county assessor's office directly.
When is Macon County Property Tax due ?
Macon County Property Tax is typically due on January 31st of each year. However, residents have the option to pay their property taxes in two installments.
The first installment is due on June 5th and the second installment is due on September 5th. It's important to note that failure to pay property taxes on time can result in penalties and interest fees.
To make a payment, residents can use various methods such as:
- Online payment using a credit card or eCheck
- Mail the payment to the Macon County Treasurer's Office
- In-person payment at the Treasurer's Office using cash, check, or credit card
- Drop box payment located outside the Treasurer's Office
Residents can also choose to set up a payment plan to spread out the cost of their property taxes over several months.
Overall, it's important for Macon County residents to stay current on their property tax payments to avoid potential fees and penalties.
If you have more questions - contact your local tax collector.
How is Macon County Property Tax penalty calculated ?
Macon County Property Tax Penalty Calculation
The penalty for late payment of property taxes in Macon County, USA is calculated based on the number of months past due. The penalty percentage is set by the Macon County Board of Commissioners and can vary each year. As of 2021, Macon County property tax penalty is set at 2% per month for each month past due.
Here is an example to help illustrate how the penalty is calculated:
- A property owner owes $2,500 in property taxes for the year 2020 in Macon County. The deadline to pay the taxes was January 5, 2021.
- The owner didn't make the payment until March 15, 2021, which is two months past the deadline.
- To calculate the penalty, multiply the amount owed by the penalty percentage: $2,500 x 2% x 2 months = $100.
- In addition to the $2,500 owed in property taxes, the owner will now have to pay a $100 penalty for being two months late.
It's important to note that the penalty will continue to accrue each month the payment is late, up to a maximum of 12 months. After 12 months, the property may be subject to foreclosure.
To avoid penalties, property owners in Macon County should make sure to pay property taxes by the deadline or make arrangements with the county to pay in installments.
We recommend contacting the Macon County Tax Office or a local tax professional for the most up-to-date and accurate information.