Example of Mississippi County Property Tax Calculation
Mississippi County calculates property tax based on the assessed value of the property. To determine the assessed value, the county assessor evaluates the property's condition, location, and other factors. The assessed value is then multiplied by the county's property tax rate, which is set annually by the county board of supervisors.
For example, if a property in Mississippi County has an assessed value of $100,000 and the property tax rate is 2%, the property owner would owe $2,000 in property taxes annually.
It's important to note that certain exemptions and deductions may be available to property owners, such as homestead exemptions for primary residences. Property owners should check with the county assessor's office to see if they qualify for any of these exemptions or deductions.
If you want appeal your property tax assessment - contact your local tax assessor.
Mississippi County Property Tax Rates
Here is a table of Mississippi County Property Tax rates, listed in a formatted table with columns for tax and rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.547 |
| City of Blytheville | $0.8007 |
| City of Osceola | $0.8533 |
| City of Luxora | $0.8383 |
| City of Manila | $0.7984 |
| City of Leachville | $0.7944 |
Please note that these rates are subject to change and may vary based on individual property assessments. It is always recommended to consult with a professional tax advisor for personalized guidance.
Who sets property tax rates in Mississippi County ?
Who sets property tax rates in Mississippi County?
In Mississippi County, property tax rates are set by the county board of supervisors. This board is comprised of five elected officials who govern the county government. They typically meet on a regular basis to discuss and set various taxes, including property tax rates.
When are property tax rates set in Mississippi County?
Property tax rates in Mississippi County are typically set during the annual budgeting process. During this time, the board of supervisors reviews the county's financial situation and determines what tax rates are necessary to meet the county's budgetary needs. Once the rates are set, property owners in the county will receive notices of their tax bills, which are typically due by January 31st of the following year.
Overall, it's important for property owners in Mississippi County to stay informed about changes to property tax rates and to pay their taxes on time to avoid penalties and interest charges.
Homestead exemptions in Mississippi County ?
In Mississippi County, Missouri, there are several Homestead exemptions and deductions available. These benefits can help homeowners reduce their property taxes and ensure that they are getting the most out of their investment.
To make it easy for you to understand all of the county-specific exemptions and deductions available, we've created a table listing them below:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Any homeowner | $5,000 | Applies to primary residence |
| Senior Citizen Homestead | Homeowner aged 65 or older | $10,000 | Must meet income requirements |
| Disabled Homestead | Homeowner with a disability | $10,000 | Must meet income requirements |
| Veterans Homestead | Veteran with a service-connected disability | Up to $100,000 | Must be rated 100% disabled by the VA |
| Surviving Spouse Homestead | Widow/widower of a veteran or first responder | Up to $25,000 | Must have been married at time of death |
It's important to note that these exemptions and deductions may vary by county and may have additional requirements or restrictions. Homeowners should consult with their local assessor's office or a qualified tax professional to determine their eligibility and ensure that they are receiving all applicable benefits.
Overall, these Homestead exemptions and deductions can provide significant savings for homeowners in Mississippi County, Missouri. By taking advantage of these benefits, homeowners can reduce their property taxes and protect their investment in their home.
When is Mississippi County Property Tax due ?
Mississippi County Property Tax Due Dates and Payment Methods
When it comes to property taxes in Mississippi County, the due date and payment methods vary depending on the type of property. Here is an overview of the important information you need to know:
Real Estate Property Tax:
Due date: October 15th of each year.
Payment methods: You can pay your real estate property tax bill in several ways, including:
- Online: You can pay online through the Mississippi County Treasurer's website.
- By mail: You can mail your payment to the Mississippi County Treasurer's office.
- In person: You can pay in person at the Mississippi County Treasurer's office.
Personal Property Tax:
Due date: March 1st of each year.
Payment methods: You can pay your personal property tax bill in several ways, including:
- Online: You can pay online through the Mississippi County Collector's website.
- By mail: You can mail your payment to the Mississippi County Collector's office.
- In person: You can pay in person at the Mississippi County Collector's office.
Tax Sale:
If you fail to pay your property taxes in Mississippi County, your property may be sold at a tax sale. The tax sale typically takes place in August of each year.
It's important to note that these due dates and payment methods are subject to change, so be sure to check the Mississippi County Treasurer's and Collector's websites for the most up-to-date information.
If you have more questions - contact your local tax collector.
How is Mississippi County Property Tax penalty calculated ?
Mississippi County Property Tax Penalty Calculation
When property tax payments are not made on time, a penalty is imposed on the outstanding amount. The penalty is calculated based on the amount of taxes owed and the length of time the payment is overdue.
The penalty calculation follows a set formula that is determined by state law. In Mississippi County, the penalty for late payment of property taxes is calculated as follows:
- A base penalty of 5% of the outstanding balance is added on the first day the payment is late.
- An additional 1% penalty is added every month thereafter until the payment is made in full.
- After 12 months of non-payment, the penalty reaches a maximum of 18%.
To understand this better, let's take an example. Suppose an individual owes $1,000 in property taxes to Mississippi County and fails to pay by the due date of January 31st. After February 1st, a 5% penalty of $50 (5% of $1,000) would be added to the outstanding amount. If the individual still doesn't pay by the end of the month, an additional 1% penalty of $10 (1% of $1,000) would be added for the month of February. This would bring the total outstanding amount to $1,060 ($1,000 + $50 + $10).
If the individual continues to remain in arrears for six more months, the penalty would have reached 11% (5% base penalty plus 6% additional penalty). In this case, an additional $60 (6% of $1,000) would be added to the outstanding amount, bringing it to $1,120 ($1,000 + $50 + $10 + $60).
If the payment is not made for a complete year, the penalty would have reached its maximum of 18%. In this case, an additional $80 (7% base penalty plus 11% additional penalty) would be added to the outstanding amount, bringing it to $1,200 ($1,000 + $50 + $10 + $60 + $80).
In summary, the penalty for late payment of property taxes in Mississippi County is calculated based on a set formula that includes a base penalty of 5% and an additional 1% penalty every month thereafter until the payment is made in full. It's important for property owners to pay their taxes on time to avoid any penalties and additional charges.
We recommend contacting the Mississippi County Tax Office or a local tax professional for the most up-to-date and accurate information.