Example of Milam County Property Tax Calculation
In Milam County, property taxes are calculated based on the assessed value of the property. To determine the assessed value, the county appraiser assesses the property's value every year. Once the assessed value is determined, the county applies the tax rate to calculate the property tax due.
For example, suppose a 10-year-old living in Milam County owns a property with an assessed value of $100,000. If the tax rate is 2%, the property tax due would be $2,000 ($100,000 x 0.02).
It's important to note that property taxes are used to fund local services, such as schools and public safety, so paying them is a crucial part of being a responsible property owner.
If you want appeal your property tax assessment - contact your local tax assessor.
Milam County Property Tax Rates
The following table outlines the Milam County Property Tax rates:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County | $0.5400 |
| City of Cameron | $0.7450 |
| City of Rockdale | $0.6800 |
| Cameron ISD | $1.3100 |
| Rockdale ISD | $1.2000 |
The rates listed are based on a per $100 assessed value basis. It is important to note that these rates can change and taxpayers should contact their local tax authority for the most up-to-date information.
Who sets property tax rates in Milam County ?
Who sets property tax rates in Milam County?
The Milam County Commissioners' Court is responsible for setting property tax rates in Milam County.
When are property tax rates set in Milam County?
The property tax rates in Milam County are typically set annually in the fall, after the county budget has been finalized.
It is important to note that the property tax rates in Milam County may vary depending on the specific taxing entity, such as the school district or city, within the county. Each entity has their own tax rate which is combined to determine the total property tax rate for a property owner.
Property owners in Milam County can contact the Milam County Tax Assessor-Collector's office for more information on property tax rates and payment options.
Homestead exemptions in Milam County ?
To help Milam County residents understand the various Homestead exemptions and deductions available in their area, a table has been created with four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must own and occupy the property as their primary residence on January 1st of the tax year | Up to 20% of the property value, not to exceed $5,000 | Automatically applied |
| Over 65 or Disabled Person Exemption | Must be 65 or older, or disabled, or qualify for disability exemptions, and own and occupy the property as their primary residence on January 1st of the tax year | Up to $10,000 of the property's assessed value | Automatically applied |
| Over 55 Surviving Spouse Exemption | Must be 55 or older and the surviving spouse of a person who qualified for the Over 65 or Disabled Person Exemption | Up to $10,000 of the property's assessed value | Must apply for exemption |
| Veteran's Exemption | Must be a veteran who received an honorable discharge, or the surviving spouse or child of a veteran who died while on active duty, and own and occupy the property as their primary residence on January 1st of the tax year | Up to $12,000 of the property's assessed value | Must apply for exemption |
| Agricultural/Timberland Exemption | Must use the property for agriculture, timberland, or wildlife management purposes | Varies depending on the use of the land | Must apply for exemption |
| Disabled Veteran's Exemption | Must be a disabled veteran who received an honorable discharge and own and occupy the property as their primary residence on January 1st of the tax year | May be eligible for a total exemption of property taxes | Must apply for exemption |
It's important for Milam County residents to take advantage of these exemptions and deductions in order to lower their property tax bills. Make sure to check with the Milam County Appraisal District for specific eligibility requirements and application procedures.
When is Milam County Property Tax due ?
Milam County Property Tax is typically due on January 31st of each year for the previous year's taxes. Property owners in Milam County can make their property tax payments via several methods, including:
- In-person payments: Property owners can make their payments in person at the Milam County Tax Office using cash, check, or money order.
- By mail: Payments can be mailed to the Milam County Tax Office, and property owners should include their payment coupon and write their property account number on their check or money order.
- Online payments: Property owners can pay their property taxes online through the Milam County Tax Office website. They can use a credit card, debit card, or electronic check to make their payment.
It is important to note that late payments are subject to penalties and interest charges, so property owners should ensure they make their payment by the due date to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Milam County Property Tax penalty calculated ?
Milam County Property Tax Penalty Calculation
The Milam County Property Tax is assessed every year on January 1st and is due on January 31st. If the taxpayer fails to pay the tax by the due date, a penalty is applied to the outstanding balance. The penalty is calculated based on the amount owed and the number of months the tax is past due.
The penalty is calculated as follows:
-
A penalty of 6% is applied to the first month of delinquency.
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An additional penalty of 1% is applied to each month thereafter until the tax is paid in full.
Here is an example of how the penalty is calculated:
Suppose a taxpayer owes $1,000 in property taxes in Milam County for the year 2021. The taxpayer fails to pay the taxes by the due date and is now two months past due. The penalty would be calculated as follows:
- First month penalty: $1,000 x 6% = $60
- Second month penalty: ($1,000 + $60) x 1% = $10.60
The total penalty owed would be $70.60, in addition to the $1,000 in taxes owed.
It is important to note that interest is also charged on the outstanding balance at a rate of 1% per month. Therefore, it is highly recommended to pay property taxes on time to avoid paying additional penalties and interest.
Summary
- Milam County Property Tax is due on January 31st.
- Penalty is calculated as 6% for the first month of delinquency and 1% for each additional month.
- Interest is charged at a rate of 1% per month.
- Paying property taxes on time is highly recommended to avoid additional penalties and interest.
| Penalty Calculation | Example |
|---|---|
| First month penalty | $1,000 x 6% = $60 |
| Second month penalty | ($1,000 + $60) x 1% = $10.60 |
| Total penalty owed | $70.60 |
We recommend contacting the Milam County Tax Office or a local tax professional for the most up-to-date and accurate information.