Example of Mathews County Property Tax Calculation
Mathews County property tax is calculated based on the assessed value of a property. To determine this value, the county assesses each property every four years. The assessment is based on the property's market value, meaning what it would likely sell for if it were put on the market.
Once the assessed value is determined, the county multiplies it by the current tax rate, which is set by the Board of Supervisors. For example, if a property is assessed at $200,000 and the tax rate is 0.60%, the property tax would be $1,200 (200,000 x 0.006).
It's important to note that there are certain exemptions and deductions that can lower a property's assessed value and, therefore, the amount of property tax owed. These include exemptions for senior citizens, disabled veterans, and properties used for religious or charitable purposes.
Overall, understanding how property tax is calculated in Mathews County can help property owners plan and budget for their tax payments.
If you want appeal your property tax assessment - contact your local tax assessor.
Mathews County Property Tax Rates
Below is a formatted table of Mathews County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Estate | $0.67 |
| Personal Property | $3.60 |
| Machinery & Tools | $2.00 |
| Mobile Homes | $0.67 |
Note that the rates are per $100 of assessed value and vary depending on the type of property. Please consult with a tax professional or the Mathews County government for further information or questions regarding property taxes.
Who sets property tax rates in Mathews County ?
Property Tax Rates in Mathews County, USA
Property tax rates in Mathews County are set by the Mathews County Board of Supervisors. The Board of Supervisors is responsible for levying taxes on real estate, personal property, and machinery and tools.
The property tax is an essential source of revenue for the County, and it is used to provide essential services to the residents of Mathews County, such as education, public safety, and infrastructure maintenance.
The Board of Supervisors sets the property tax rates annually, usually during the budgeting process, which takes place in the spring. The new tax rates take effect on July 1 each year and remain in effect until the following June 30.
For more information on property tax rates in Mathews County, residents can visit the Mathews County Department of Finance website or contact the Department directly.
Homestead exemptions in Mathews County ?
To understand the various Homestead exemptions and deductions in Mathews County, Virginia, one needs to look at the following table:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled Exemption | Age 65 or older, or permanently and totally disabled | Up to $30,000 | Must have lived in the property for at least five years |
| Disabled Veterans Exemption | Honorably discharged veteran with a 100% service-connected disability, or their surviving spouse | Up to $10,000 | Must have lived in the property for at least one year |
| Surviving Spouse Exemption | Surviving spouse of a military service member killed in action, or a first responder killed in the line of duty | Up to $160,000 | Must have lived in the property for at least one year |
| Solar Energy Equipment Exemption | Property owner who installs solar equipment on their property | 100% exemption on the added property value | The exemption lasts for five years |
It's important to note that these exemptions and deductions are specific to Mathews County in Virginia. The amount listed in the table is the maximum that can be exempted from the property's assessed value. Additionally, eligibility requirements must be met in order to qualify for the exemption or deduction.
By understanding these Homestead exemptions and deductions, homeowners in Mathews County can potentially save thousands of dollars on their property taxes.
When is Mathews County Property Tax due ?
Mathews County Property Tax Due Date and Payment Methods
Mathews County property taxes are typically due on December 5th of each year. This deadline may vary slightly depending on weekends or holidays, but the county will publicize any changes well in advance.
To ensure timely payment, property owners have several payment options available:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay online using a credit card, debit card, or e-check through the county's website. A small convenience fee may apply. |
| Property owners can mail a check or money order to the county treasurer's office. The payment must be postmarked on or before the due date to avoid penalties. | |
| In-Person | Property owners can pay in-person at the county treasurer's office using cash, check, money order, or credit/debit card. A small convenience fee may apply for credit/debit card transactions. |
Late payments may result in penalties, interest, and even foreclosure in extreme cases. Property owners should contact the county treasurer's office if they have any questions or concerns about their property tax payments.
If you have more questions - contact your local tax collector.
How is Mathews County Property Tax penalty calculated ?
Mathews County Property Tax Penalty Calculation
Mathews County imposes penalties on overdue property tax payments. The penalty is calculated as a percentage of the unpaid balance and accrues monthly until the taxes are paid in full. Here's how the penalty is calculated:
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Initial Penalty: A penalty of 10% of the unpaid taxes is added immediately to the balance on the first day after the due date. For example, if a taxpayer owes $1,000 in property taxes and fails to pay by the due date, the initial penalty would be $100 (10% of $1,000).
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Monthly Penalty: In addition to the initial penalty, a monthly penalty of 1% of the unpaid balance is added on the first day of each month until the taxes are paid in full. Continuing with our earlier example, if the taxpayer still has not paid the $1,000 in property taxes by the end of the first month, a monthly penalty of $10 would be added to the balance ($1,000 x 1%).
To summarize, the penalty calculation works as follows:
| Penalty Type | Amount | When Added |
|---|---|---|
| Initial Penalty | 10% of unpaid taxes | First day after due date |
| Monthly Penalty | 1% of unpaid balance | First day of each month after due date |
It's important to note that the penalty is calculated based on the unpaid taxes only, not the total amount of the tax bill. So, if a taxpayer pays a portion of the taxes owed, the penalty will only apply to the remaining balance.
In conclusion, Mathews County property tax penalty is designed to encourage timely payment of taxes. Taxpayers must ensure they pay their property taxes on or before the due date to avoid incurring additional penalties.
We recommend contacting the Mathews County Tax Office or a local tax professional for the most up-to-date and accurate information.