Example of Mcdowell County Property Tax Calculation
McDowell County calculates property tax based on the assessed value of a property. The assessed value is determined by the county tax assessor and is typically a percentage of the property's market value.
For example, if a home is assessed at 80% of its market value and the market value of the home is $100,000, then the assessed value would be $80,000.
The property tax rate in McDowell County is currently set at $0.65 per $100 of assessed value. Using the example above, the property tax for that home would be calculated as follows:
$80,000 / 100 = $800 (the value per $1 of assessed value) $800 x 0.65 = $520 (the property tax for the year)
Therefore, the property tax for a home with an assessed value of $80,000 in McDowell County would be $520.
If you want appeal your property tax assessment - contact your local tax assessor.
Mcdowell County Property Tax Rates
The following table displays the Mcdowell County property tax rates, measured in dollars per every $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.685 |
| Fire Protection | $0.105 |
| School Tax | $0.795 |
| Solid Waste Management | $0.115 |
| Airport | $0.005 |
| Water and Sewer | $0.775 |
Please note that these rates are subject to change and may vary based on the specific property in question. It's always best to consult with a licensed tax advisor for personalized guidance.
Who sets property tax rates in Mcdowell County ?
The property tax rates in McDowell County are set by the McDowell County Board of Commissioners. These rates are set annually and are based on the assessed value of the property. Property owners can expect to receive a notice of their property's assessed value and the corresponding tax rate in the mail. It is important for property owners to review these notices carefully and to contact the McDowell County tax office if they believe the assessed value is inaccurate. Property taxes are due annually and must be paid by January 5th of each year to avoid penalties and interest.
Homestead exemptions in Mcdowell County ?
To help taxpayers in Mcdowell County, North Carolina, this blogger has created a table that outlines all the county specific Homestead exemptions and deductions that they may be eligible for. The table includes four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly/Disabled Exclusion | Must be at least 65 or disabled | Up to $25,000 of property value | - |
| Disabled Veteran Exclusion | Must be a disabled veteran | Up to $45,000 of property value | Cannot also claim Elderly/Disabled Exclusion |
| Homestead Circuit Breaker | Must be at least 65 or disabled | Reimbursement of property tax that exceeds 4% of income | Income limit of $31,500 |
| Disabled Veteran Homestead Circuit Breaker | Must be a disabled veteran | Reimbursement of property tax that exceeds 4% of income | Income limit of $45,000 |
It is important to note that eligibility for these exemptions and deductions may vary based on individual circumstances. Taxpayers in Mcdowell County should consult with their local tax assessor's office or a tax professional for more information on how to claim these benefits.
When is Mcdowell County Property Tax due ?
Mcdowell County Property Tax is typically due on September 1st of each year. However, taxpayers have until January 5th of the following year to make payment without penalty.
There are several payment methods available for Mcdowell County Property Tax:
- Online: Taxpayers can pay online using a credit or debit card. There is a convenience fee of 2.5% for credit cards and a flat fee of $3.95 for debit cards.
- Mail: Taxpayers can mail a check or money order to the Mcdowell County Tax Collector's Office. The payment must be postmarked on or before the due date to avoid penalty.
- In person: Taxpayers can pay in person at the Mcdowell County Tax Collector's Office using cash, check, or money order.
It is important to note that failure to pay property taxes by the due date may result in penalty fees and interest charges. Therefore, taxpayers are encouraged to make payment in a timely manner to avoid additional costs.
If you have more questions - contact your local tax collector.
How is Mcdowell County Property Tax penalty calculated ?
Mcdowell County calculates property tax penalties using a simple formula. The penalty is calculated by multiplying the delinquent tax amount by a percentage determined by the number of months the tax is delinquent. Here is an example:
Let's say that John owns a property in Mcdowell County and his annual property tax is $1,000. He misses the deadline for payment, which was March 31st. The penalty for missing the deadline is 5% of the delinquent tax amount.
John fails to pay his tax until July 31st. This means that he is four months delinquent. Therefore, the penalty for his delinquent tax will be:
Penalty = Delinquent Tax Amount x Penalty Rate Penalty = $1,000 x 5% x 4 Penalty = $200
So, the total amount due for John's property tax including the penalty is:
Total = Original Tax Amount + Penalty Amount Total = $1,000 + $200 Total = $1,200
In Mcdowell County, property tax penalties increase for every month that the tax remains delinquent. It's important to pay property taxes on time to avoid penalties and interest charges.
| Months Delinquent | Penalty Rate |
|---|---|
| 1 | 2% |
| 2 | 3% |
| 3 | 4% |
| 4 or more | 5% |
We recommend contacting the Mcdowell County Tax Office or a local tax professional for the most up-to-date and accurate information.