Example of Marion County Property Tax Calculation
Marion County calculates property taxes based on a property's assessed value. For example, if a property is assessed at $100,000, and the tax rate for the area is 1%, the property owner would owe $1,000 in property taxes for the year.
To calculate the assessed value, Marion County uses several factors such as the property's location, size, and condition. They then multiply the assessed value by the tax rate to determine the amount owed in property taxes.
It's important to note that property tax rates can vary by location and can be subject to change year to year. Property owners should always consult with their local tax assessor's office for accurate information on their property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Marion County Property Tax Rates
The Marion County Property Tax rates for 2021 are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Regular Property Tax | $2.6821 |
| Bonded Indebtedness | $0.4144 |
| Local Option Levy | $0.4272 |
| School District Bond | $0.3770 |
| School District Levy | $4.8613 |
Please note that these rates are subject to change and may vary depending on the location and type of property you own in Marion County. It is important to consult with a qualified tax advisor to ensure accurate and up-to-date information regarding your specific tax situation.
Who sets property tax rates in Marion County ?
Who Sets Property Tax Rates in Marion County?
In Marion County, property tax rates are determined by two entities: the Marion County Board of Commissioners and the various municipalities within the county.
The Board of Commissioners sets the tax rate for unincorporated areas of the county, while each municipality within the county sets its own tax rate for their respective areas.
Property tax rates in Marion County are generally set annually and are based on factors such as property values and budgetary needs. Homeowners can expect to receive a property tax bill in the mail from the county or their respective municipality.
Below is a summary of who sets property tax rates in Marion County:
| Entity | Responsibility |
|---|---|
| Marion County Board of Commissioners | Sets tax rate for unincorporated areas of the county |
| Municipalities within Marion County | Set tax rate for their respective areas |
Overall, property tax rates in Marion County are an important source of funding for local government services such as schools, roads, and public safety. It's important for homeowners to keep track of their property tax rates and bills to ensure they are paying the correct amount.
Homestead exemptions in Marion County ?
To assist homeowners in Marion County, Illinois, the following table outlines county-specific Homestead exemptions and deductions.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied primary residence | Up to $6,000 | Must apply annually |
| Senior Citizens Homestead Exemption | Age 65 or older and owner-occupied primary residence | Up to $5,000 | Must apply annually |
| Homestead Improvement Exemption | Owner-occupied primary residence undergoing improvements | Up to $25,000 in assessed value | Must apply prior to beginning improvements |
| Disabled Persons' Homestead Exemption | Owner-occupied primary residence and disability certified | Up to $2,000 | Must apply annually |
| Returning Veterans' Homestead Exemption | Honorably discharged veterans and owner-occupied primary residence | Up to $5,000 | Must apply within two years of being discharged |
It is important to note that homeowners must meet the eligibility requirements specific to each exemption in order to qualify. Additionally, homeowners must apply for these exemptions annually or within the specified timeframe. By taking advantage of these Homestead exemptions and deductions, homeowners in Marion County can potentially reduce their property tax burden.
When is Marion County Property Tax due ?
Marion County Property Tax typically has two payment due dates:
- First Half Due: November 10th
- Second Half Due: May 10th
There are several payment methods available for Marion County Property Tax, including:
| Payment Method | Details |
|---|---|
| Online Payment | Pay by e-check or credit/debit card on the Marion County Treasurer’s website. Fees apply. |
| Send a check or money order with the payment stub to the Marion County Treasurer’s Office. | |
| In-Person | Pay by cash, check, or money order at the Marion County Treasurer’s Office. |
| Drop Box | Drop off payment, check or money order with payment stub, in the secure drop box located outside the Marion County Treasurer’s Office. |
It is important to note that if the due date falls on a weekend or holiday, the payment is due on the following business day. Failure to pay the property tax on time may result in penalties and interest charges.
If you have more questions - contact your local tax collector.
How is Marion County Property Tax penalty calculated ?
Marion County Property Tax Penalties and Calculation
When a property owner fails to pay their property tax on time in Marion County, they will be subject to a penalty. The penalty is calculated based on the amount of unpaid taxes and the length of time they are overdue.
Here is an example of how the penalty is calculated:
Suppose a property owner owes $10,000 in property taxes for the tax year 2020. The payment was due on December 31, 2020, but the property owner paid it on March 31, 2021. The penalty for the late payment would be calculated as follows:
- First 30 days: 5% of the unpaid taxes ($10,000 x 5% = $500)
- After 30 days: 1% per month of the unpaid taxes ($10,000 x 1% = $100 per month)
- For January and February, the penalty would be $100 x 2 = $200
- Total penalty: $500 + $200 = $700
The total amount due, including the penalty, would be $10,700 ($10,000 + $700).
It is important to note that the penalty for late payment is not a one-time fee. If the property owner continues to not pay their property tax, the penalty will continue to accumulate until the tax is paid in full.
To avoid penalty charges, property owners should pay their property taxes on or before the due date to ensure that they are in compliance with the Marion County tax codes.
We recommend contacting the Marion County Tax Office or a local tax professional for the most up-to-date and accurate information.