Example of Marshall County Property Tax Calculation
Marshall County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county appraises the property and then multiplies that value by the assessment ratio of 10%.
For example, if a property has an appraised value of $100,000, the assessed value would be $10,000 ($100,000 x 0.10).
Next, the county applies the tax rate to the assessed value. Let's say the tax rate for Marshall County is 1.5%. To calculate the property tax, you would multiply the assessed value of $10,000 by the tax rate of 1.5%, resulting in a property tax of $150 ($10,000 x 0.015).
It's important to note that property tax rates and assessment ratios can vary by county and even by city within a county. It's always a good idea to check with the local tax assessor's office for the most up-to-date information.
If you want appeal your property tax assessment - contact your local tax assessor.
Marshall County Property Tax Rates
Here is a formatted table of Marshall County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.6881 |
| City | $0.7453 |
| School | $1.7147 |
| State | $0.0000 |
It is important for property owners in Marshall County to be aware of these tax rates when budgeting for their property expenses.
Who sets property tax rates in Marshall County ?
Who sets Property Tax Rates in Marshall County?
The Marshall County government sets property tax rates in Marshall County. The county government is responsible for determining the amount of tax that property owners must pay based on the value of their property.
When are Property Tax Rates set in Marshall County?
The property tax rates in Marshall County are set annually by the county government. The county government reviews the current economic conditions, as well as the property values, to determine the appropriate tax rates. Property owners are notified of their tax rates and are required to pay their taxes by a specified deadline.
| Property Tax Rates in Marshall County |
|---|
| Set by: Marshall County government |
| Set when: Annually |
| Based on: Property value and economic conditions |
| Due by: Specified deadline |
It is important for property owners in Marshall County to stay informed about the property tax rates and any changes that may affect their tax payments. Any questions or concerns about property taxes should be directed to the county government.
Homestead exemptions in Marshall County ?
To help homeowners in Marshall County, Illinois understand their eligibility for Homestead exemptions and deductions, the table below lists all the different options available for each exemption, including the exemption amount and any important notes to keep in mind.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied properties | Up to $6,000 | Must be the primary residence |
| Senior Citizen Homestead Exemption | Owner must be 65 years or older | Up to $8,000 | Must be the primary residence |
| Senior Citizen Assessment Freeze Homestead Exemption | Owner must be 65 years or older | Freeze of assessed value | Must apply every year |
| Disabled Veterans' Standard Homestead Exemption | Owner must be a veteran with a service-connected disability | Up to $2,500 | Must have a letter from the VA |
| Disabled Veterans' Homestead Exemption | Owner must be a veteran with a service-connected disability | Up to $5,000 | Must have a letter from the VA |
| Returning Veterans' Homestead Exemption | Owner must have been an Illinois resident and served in the military since September 11, 2001 | Up to $5,000 | Must have served on active duty |
| Home Improvement Exemption | Properties undergoing renovation | Up to $25,000 | Must increase the assessed value by 25% |
| Property Tax Relief for Military Members | Active-duty military members | Varies by location | Must be stationed outside of Illinois |
Note that eligibility requirements may vary for each exemption, so it's important to review the specific details before applying. Additionally, some exemptions may require proof of eligibility, such as a letter from the VA. Homeowners in Marshall County can contact their local tax assessor's office for more information on these exemptions and how to apply.
When is Marshall County Property Tax due ?
Marshall County Property Tax is typically due on April 1st of each year. There are several payment methods available for property owners to use. Here is a breakdown of each payment method:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay their property tax online through the Marshall County Treasurer website. Payments can be made using a credit card, debit card, or e-check. |
| By Mail | Property owners can also mail in their property tax payment to the Marshall County Treasurer's Office. The payment must be postmarked by April 1st to avoid penalties. |
| In Person | Property owners can pay their property tax in person at the Marshall County Treasurer's Office. The office is located at 211 W Madison St in Plymouth, Indiana. Office hours are Monday - Friday from 8:00am to 4:00pm. |
It is important to note that failure to pay property tax on time can result in late fees, interest charges, and even property liens. Property owners should make sure to pay their tax on time to avoid these consequences.
If you have more questions - contact your local tax collector.
How is Marshall County Property Tax penalty calculated ?
Marshall County Property Tax Penalty Calculation
To understand how the Marshall County Property Tax penalty is calculated, one must first understand the basic process of property tax payments. Property taxes are levied on real estate owners to fund various governmental services, such as schools, police, and roads. Property owners receive a tax bill based on the assessed value of their property, which is determined by the local assessor's office. Property owners in Marshall County are required to pay their property taxes by November 10th of each year.
If the property owner fails to pay the property taxes by the due date, a penalty fee is assessed. The penalty fee is calculated based on the amount of taxes owed and the length of time the taxes remain unpaid.
The penalty fee for late payment of Marshall County Property Taxes is as follows:
| Time Frame | Penalty Fee |
|---|---|
| After Nov 10th | 5% of the unpaid taxes |
| After Dec 10th | 10% of the unpaid taxes |
| After Jan 10th | 15% of the unpaid taxes |
| After Feb 10th | 20% of the unpaid taxes |
For example, if a property owner owes $1,000 in property taxes and fails to pay by the November 10th due date, the penalty fee would be $50 (5% of $1,000). If the taxes still remain unpaid by December 10th, the penalty fee would increase to $100 (10% of $1,000).
It is important to note that interest is also charged on the unpaid taxes and the penalty fee. The interest rate for late payment of Marshall County Property Taxes is set at 1% per month, or part of a month, until the taxes are paid in full.
In summary, property owners in Marshall County must pay their property taxes by November 10th to avoid penalty fees. The penalty fee is calculated based on the amount of taxes owed and the length of time the taxes remain unpaid. Interest is also charged on the unpaid taxes and penalty fee until the taxes are paid in full.
We recommend contacting the Marshall County Tax Office or a local tax professional for the most up-to-date and accurate information.