Example of Mclean County Property Tax Calculation
Mclean County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county assesses a percentage of the property's fair market value. This percentage is known as the assessment rate, and in Mclean County, the rate is set at 33.33%.
For example, if the fair market value of a property in Mclean County is $200,000, the assessed value would be $66,660 ($200,000 x 0.3333).
Once the assessed value has been determined, the county applies the appropriate tax rate. The tax rate is expressed as a decimal and is based on the total amount of revenue needed to operate the government and provide services.
For example, if the tax rate in Mclean County is 0.0415, the property tax owed would be $2,769.23 ($66,660 x 0.0415).
It's important to note that property taxes in Mclean County are due in two installments. The first installment is due on June 1st, and the second installment is due on September 1st.
If you want appeal your property tax assessment - contact your local tax assessor.
Mclean County Property Tax Rates
Here are the current McLean County property tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $0.7200 |
| Public Safety | $0.2100 |
| County Health | $0.0350 |
| Mental Health | $0.0200 |
| Highway | $0.0720 |
| Bond and Interest | $0.2600 |
| Total | $1.3170 |
Keep in mind that the actual amount of property tax you owe will depend on the assessed value of your property. If you have any questions or concerns about your specific property tax situation, it's best to consult with a tax professional.
Who sets property tax rates in Mclean County ?
Property Tax Rates in McLean County, USA
In McLean County, property tax rates are set by the county government's Board of Supervisors. The Board meets annually to determine the tax levy, which is the total amount of property taxes to be collected for the year.
The rate of property tax that homeowners pay is calculated based on the assessed value of their property. The County Assessor's Office determines property values using a formula that takes into account factors such as location, property size, and building age.
Once the tax levy and property values have been determined, the tax rate is set by dividing the tax levy by the total assessed value of all properties in McLean County. This rate is then applied to each property's assessed value to determine the amount of property tax owed.
Homeowners in McLean County have the option to pay their property taxes in two installments, due on June 1st and September 1st. Failure to pay property taxes can result in the county placing a lien on the property and potentially foreclosing on it.
It is important for homeowners to stay informed about the property tax rates and any changes that may affect their tax bill. They can contact the County Assessor's Office or the Board of Supervisors for more information.
Homestead exemptions in Mclean County ?
To assist Mclean County residents in understanding their Homestead exemptions and deductions, the following table outlines the various categories and their corresponding values:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied properties | $6,000 | Reduces the equalized assessed valuation of the property |
| Senior Citizen Homestead Exemption | Owner-occupied properties, age 65 and older | $5,000 | In addition to the General Homestead Exemption |
| Senior Citizen Assessment Freeze Homestead Exemption | Owner-occupied properties, age 65 and older, income below $65,000 | Freezes the equalized assessed valuation of the property | |
| Disabled Veterans Standard Homestead Exemption | Owner-occupied properties, certified disabled veteran | $2,500 | In addition to the General Homestead Exemption |
| Disabled Veterans Homestead Exemption | Owner-occupied properties, certified disabled veteran | Up to $100,000 | Reduces the equalized assessed valuation of the property |
| Disabled Persons Homestead Exemption | Owner-occupied properties, certified disabled person | $2,000 | In addition to the General Homestead Exemption |
| Returning Veterans Homestead Exemption | Reservist or National Guard member, served after September 11, 2001 | $5,000 | In addition to the General Homestead Exemption |
It is important to note that these exemptions and deductions only apply to properties that meet the eligibility criteria specified above. Homeowners should consult with their local assessor's office to determine which exemptions they may be eligible for and the necessary steps to apply for them.
When is Mclean County Property Tax due ?
Mclean County Property Tax Due Dates and Payment Methods
Property owners in Mclean County, Illinois are required to pay property taxes every year. The due date for Mclean County Property Tax typically falls on September 1st of each year.
Payment methods accepted by the Mclean County Treasurer's Office include:
- Online Payment: You can pay your Mclean County Property Tax online through the official website of Mclean County Treasurer's Office using a credit/debit card or eCheck.
- By Mail: You can send your check or money order along with the tax bill stub to the Mclean County Treasurer's Office.
- In Person: You can visit the Mclean County Treasurer's Office to pay your property tax bill in person. Cash, check, or money order is accepted for in-person payments.
It's important to keep in mind that failure to pay your property tax bill by the due date may result in the assessment of penalties and interest charges. If you have any questions or concerns regarding your property tax bill or payment options, you can contact the Mclean County Treasurer's Office directly.
If you have more questions - contact your local tax collector.
How is Mclean County Property Tax penalty calculated ?
Mclean County Property Tax Penalty Calculation
Mclean County imposes a penalty on property tax payments made after the due date. The penalty is calculated at a rate of 1.5% per month or fraction thereof, and accrues daily from the due date until the date of payment. The late payment penalty cannot exceed 25% of the total tax bill.
To better illustrate this, let's use an example:
Assume that John owns a home in Mclean County and his property tax bill is $10,000. The due date for the payment of the property tax bill is June 1st. However, John fails to make the payment by the due date and decides to pay the bill on August 1st.
The penalty calculation for John's late payment would be as follows:
| Month | Penalty Rate | Penalty Amount |
|---|---|---|
| June | 1.5% | $150 |
| July | 1.5% | $150 |
| August | 1.5% | $45 |
| Total | 4.5% | $345 |
Therefore, John's total property tax bill including the late penalty fee would be $10,345.
In conclusion, Mclean County imposes a late payment penalty fee of 1.5% per month or fraction thereof, and accrues daily from the due date until the date of payment. Property owners should make sure to pay their property taxes on time to avoid any additional fees.
We recommend contacting the Mclean County Tax Office or a local tax professional for the most up-to-date and accurate information.