Example of Magoffin County Property Tax Calculation
Magoffin County property tax is calculated based on the assessed value of the property. The assessed value is determined by the county's property valuation administrator (PVA), who considers several factors such as the property's location, size, age, and condition.
Once the assessed value is determined, the tax rate is applied to calculate the property tax amount. The tax rate for Magoffin County is set by the county's fiscal court, and it may vary depending on the property's classification (residential, commercial, etc.).
For example, let's say a residential property in Magoffin County has an assessed value of $100,000 and the tax rate for residential properties is 0.0115. To calculate the property tax amount, simply multiply the assessed value by the tax rate:
$100,000 x 0.0115 = $1,150
Therefore, the property tax for this residential property in Magoffin County would be $1,150 per year.
If you want appeal your property tax assessment - contact your local tax assessor.
Magoffin County Property Tax Rates
The following table displays the Magoffin County Property Tax rates in a clear and easy-to-read format, using the US English language and active voice:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.579 |
| Tangible Personal Property | $0.579 |
| Motor Vehicles | $0.381 |
| Watercraft | $0.381 |
Note that these rates are subject to change and may not reflect any exemptions or credits that an individual property owner may be eligible for. It is always recommended to consult with a tax professional or local government officials for the most accurate and up-to-date information regarding property taxes in Magoffin County.
Who sets property tax rates in Magoffin County ?
Overview
In Magoffin County, property tax rates are set by the county government. This tax is used to fund local services such as schools, roads, and law enforcement. Property tax rates in Magoffin County are determined annually and are based on the value of the property being taxed.
Who Sets the Property Tax Rates in Magoffin County?
The Magoffin County Fiscal Court, which is the county's governing body, sets the property tax rates each year. The fiscal court is made up of elected officials who are responsible for overseeing the county's budget and services.
When Are Property Tax Rates Set in Magoffin County?
Property tax rates in Magoffin County are set annually, typically during the county's budget process. The budget process takes place in the summer months and culminates in a public hearing where the property tax rates for the upcoming year are presented to the community for review and comment.
How Are Property Tax Rates in Magoffin County Calculated?
Property tax rates in Magoffin County are calculated based on the assessed value of the property being taxed. The assessed value is determined by the Magoffin County Property Valuation Administrator (PVA) and is based on the fair market value of the property. The property tax rate is then applied to the assessed value to determine the amount of property tax owed.
Conclusion
In Magoffin County, property tax rates are set by the county government and are based on the assessed value of the property being taxed. The rates are determined annually during the county's budget process and are used to fund local services such as schools, roads, and law enforcement.
Homestead exemptions in Magoffin County ?
Table: Magoffin County Homestead Exemptions and Deductions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | Up to $39,300 of assessed value | Must be principal residence |
| Senior Citizen Homestead Exemption | Homeowners 65 or older | Up to $8,000 of assessed value | Must be principal residence; income limit applies |
| Disability Homestead Exemption | Homeowners with disabilities | Up to $2,000 of assessed value | Must be principal residence; disability certification required |
| Veterans' Homestead Exemption | Veterans with service-connected disabilities | Up to $37,600 of assessed value | Must be principal residence; VA disability rating required |
| Widows or Widowers Homestead Exemption | Widows or widowers | Up to $5,000 of assessed value | Must be principal residence |
| Homestead Improvement Exemption | Homeowners who improve their property | Up to $25,000 of assessed value | Must be principal residence; must show improvement cost |
Notes:
- Assessed value refers to the value of the property for tax purposes.
- The income limit for the Senior Citizen Homestead Exemption varies by county and is subject to change.
- The disability certification for the Disability Homestead Exemption can be obtained from the Social Security Administration, a licensed physician, or other authorized entity.
- The VA disability rating for the Veterans' Homestead Exemption must be at least 10%.
- The improvement cost for the Homestead Improvement Exemption must be at least $5,000 and must result in a 25% increase in assessed value.
When is Magoffin County Property Tax due ?
Magoffin County Property Tax is typically due on November 1st of each year for the current year's taxes. However, taxpayers have until December 31st to pay their taxes without incurring interest and penalties.
There are several payment methods available for taxpayers in Magoffin County. These include:
- In-Person: Taxpayers can pay their property taxes in person at the Magoffin County Sheriff's Office located at 13 East Maple Street in Salyersville. The office is open Monday through Friday from 8:00 am to 4:00 pm.
- By Mail: Taxpayers can also mail in their payments to the Magoffin County Sheriff's Office at P.O. Box 157, Salyersville, KY 41465. Payments must be postmarked by December 31st to avoid interest and penalties.
- Online: The Magoffin County Sheriff's Office also offers an online payment option through their website. Taxpayers can pay using a credit or debit card, or by electronic check.
It's important to note that if you have an escrow account with your mortgage lender, they may handle your property tax payments for you. Be sure to check with your lender to avoid paying twice.
Overall, taxpayers in Magoffin County have a variety of options for paying their property taxes. Just be sure to pay by December 31st to avoid any extra fees.
If you have more questions - contact your local tax collector.
How is Magoffin County Property Tax penalty calculated ?
Magoffin County Property Tax Penalty Calculation
When a taxpayer does not pay their Magoffin County property taxes by the deadline, a penalty fee is added to the amount owed. The penalty amount is calculated based on the delinquency date and the tax rate.
The penalty fee is calculated as follows:
- On the first day after the due date, a 2% penalty is added to the unpaid amount.
- After 1 month, an additional 2% penalty is added to the unpaid amount.
- Every month thereafter, an additional 1% penalty is added to the unpaid amount.
Here is an example for better understanding:
Let's say a taxpayer has a property tax bill of $1,000 in Magoffin County. The deadline to pay the tax bill was October 31, but the taxpayer did not pay until January 15 of the following year.
- In November, a 2% penalty ($20) is added to the unpaid amount, bringing the total amount owed to $1,020.
- In December, another 2% penalty ($20) is added to the unpaid amount, bringing the total amount owed to $1,040.
- In January, a 1% penalty ($10) is added to the unpaid amount, bringing the total amount owed to $1,050.
As a result, the taxpayer now owes $50 in penalties on top of the original $1,000 tax bill.
It is important to note that the penalty fees will continue to accrue until the taxes are paid in full. Thus, it is advised to pay the property taxes on or before the due date to avoid additional penalty fees.
| Delinquency Date | Penalty Fees |
|---|---|
| First day after due date | 2% |
| After 1 month | Additional 2% |
| Every month thereafter | Additional 1% |
We recommend contacting the Magoffin County Tax Office or a local tax professional for the most up-to-date and accurate information.