Example of Maury County Property Tax Calculation
Calculating Maury County Property Tax is easy. To determine the tax amount for a property, the county assesses the property's value. The assessed value is then multiplied by the tax rate. The formula for calculating property tax is as follows:
Assessed Value x Tax Rate = Property Tax Amount
For example, let's say a property in Maury County has an assessed value of $100,000 and the tax rate is 1.5%. To calculate the property tax amount, we would follow these steps:
$100,000 (assessed value) x 0.015 (tax rate) = $1,500 (property tax amount)
So, the property owner would owe $1,500 in property taxes to Maury County for that year.
It's important to note that property values are reassessed periodically, usually every 3-5 years, so the assessed value and tax amount may change over time. Additionally, certain exemptions and deductions may apply to reduce the amount of property tax owed.
If you want appeal your property tax assessment - contact your local tax assessor.
Maury County Property Tax Rates
Here is the list of Maury County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.50 |
| Ambulance Service | $0.25 |
| Solid Waste | $0.80 |
| Education | $2.18 |
| Wheel Tax | $50.00 (annual) |
These rates are subject to change and may vary depending on the location and property type. It is important to consult with a qualified tax professional for accurate and up-to-date information on property tax rates in Maury County.
Who sets property tax rates in Maury County ?
Who sets property tax rates in Maury County? The Maury County Board of Commissioners is responsible for setting the property tax rates in Maury County. They do this annually during their budgeting process.
When are property tax rates set in Maury County? The Maury County Board of Commissioners sets the property tax rates each year during their budgeting process. The budgeting process typically starts in the spring and concludes in the summer, with property tax rates being set before the start of the new fiscal year on July 1st.
How are property tax rates calculated in Maury County? Property tax rates in Maury County are calculated by dividing the total amount of revenue needed to fund the county's budget by the total assessed value of all taxable property in the county. This results in a tax rate per $100 of assessed value, which is then applied to each property's assessed value to determine the property's tax liability.
| Who sets property tax rates in Maury County? | The Maury County Board of Commissioners |
|---|---|
| When are property tax rates set in Maury County? | During the budgeting process in the spring and summer, before the start of the new fiscal year on July 1st |
| How are property tax rates calculated in Maury County? | By dividing the total revenue needed by the total assessed value of taxable property, resulting in a tax rate per $100 of assessed value |
Homestead exemptions in Maury County ?
To help Maury County residents navigate the complex world of Homestead exemptions and deductions, we've compiled a comprehensive table of all county-specific information. Check out the table below for key details on eligibility requirements, exemption amounts, and important notes to keep in mind.
Maury County Homestead Exemptions and Deductions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Any homeowner who occupies the home as their primary residence. | First $25,000 of assessed value. | Must be applied for by April 5th of the tax year. |
| Elderly or Disabled Homestead | Any homeowner age 65 or older or disabled who occupies the home as their primary residence. | First $37,500 of assessed value. | Must be applied for by April 5th of the tax year. |
| Disabled Veterans | Veterans who were disabled as a result of service and received an honorable discharge. | Full amount of property tax. | Must be applied for by April 5th of the tax year. |
| Surviving Spouses of Military | Spouses of military members killed in action. | Full amount of property tax. | Must be applied for by April 5th of the tax year. |
| Greenbelt | Any landowner who uses their land for agriculture, forestry, or conservation purposes. | Varies depending on use. | Must be applied for by March 1st of the tax year. |
It's important to note that these exemptions and deductions are subject to change, so it's always a good idea to check with the Maury County Property Assessor's office for the most up-to-date information. Additionally, homeowners should be sure to apply for any applicable exemptions or deductions by the appropriate deadline in order to receive the maximum benefit.
When is Maury County Property Tax due ?
Maury County Property Tax is typically due on the last day of February. Property owners in Maury County can make their tax payments through various methods, including:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay their property taxes online using a credit or debit card, or by eCheck through the Maury County Trustee's website. |
| Property owners can mail their tax payment check or money order to the Maury County Trustee's Office. | |
| In-person | Property owners can visit the Maury County Trustee's Office to make their tax payment in person. Cash, check, and money orders are all accepted. |
It is important for property owners in Maury County to make their property tax payments on time to avoid any late fees or penalties. Failure to pay property taxes can also result in a tax lien being placed on the property, which can lead to further legal and financial complications.
If you have more questions - contact your local tax collector.
How is Maury County Property Tax penalty calculated ?
Maury County calculates property tax penalty based on the delinquent amount and the number of days the payment is late. The penalty is calculated as a percentage of the unpaid tax amount.
Here is an example to help understand how the penalty is calculated:
| Scenario | Delinquent Amount | Days Late | Penalty Rate | Penalty Amount |
|---|---|---|---|---|
| A | $1,000 | 30 | 2% | $20 |
| B | $1,500 | 60 | 4% | $60 |
| C | $2,000 | 90 | 6% | $120 |
In scenario A, if the property owner owes $1,000 in property tax and is 30 days late in making the payment, the penalty rate of 2% will apply. So, the penalty amount would be $20 (2% of $1,000).
Similarly, in scenario B, if the property owner owes $1,500 in property tax and is 60 days late in making the payment, the penalty rate of 4% will apply. So, the penalty amount would be $60 (4% of $1,500).
In scenario C, if the property owner owes $2,000 in property tax and is 90 days late in making the payment, the penalty rate of 6% will apply. So, the penalty amount would be $120 (6% of $2,000).
It's important to note that the penalty rate can vary depending on the specific county and state regulations. Property owners should check with their local government to determine the penalty rates for their area. Additionally, paying property taxes on time can prevent the need for paying any penalty fees.
We recommend contacting the Maury County Tax Office or a local tax professional for the most up-to-date and accurate information.