Example of Monroe County Property Tax Calculation
Monroe County Property Tax calculation is based on the assessed value of the property, which is determined by the County Assessor's office. The assessed value is multiplied by the tax rate (also called the mill rate) to determine the property tax owed.
For example, if a property in Monroe County has an assessed value of $100,000 and the tax rate is 20 mills (or 0.02), the property tax owed would be $2,000 (100,000 x 0.02 = 2,000).
It's important to note that property taxes are used to fund local government services such as schools, roads, and public safety. The exact tax rate may vary depending on the location and type of property.
If you want appeal your property tax assessment - contact your local tax assessor.
Monroe County Property Tax Rates
The Monroe County Property Tax rates are as follows:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County Tax | $6.87 |
| School Tax | $17.67 |
| Town Tax | $3.68 - $16.33 |
The County Tax rate is $6.87 per $100 of assessed value. The School Tax rate is $17.67 per $100 of assessed value. The Town Tax rate varies from $3.68 to $16.33 per $100 of assessed value, depending on the specific town in Monroe County. It is important to note that property owners may also be subject to additional taxes, such as special district taxes or assessments.
Who sets property tax rates in Monroe County ?
Monroe County Property Tax Rates:
Monroe County property tax rates are set by the Monroe County Board of Supervisors. The Board of Supervisors is responsible for approving the county's annual budget, which includes setting the property tax rate. The property tax rate is typically set in December after the budget has been finalized.
The property tax rate is based on a percentage of the assessed value of the property. The assessed value is determined by the Monroe County Assessor's Office. Property owners can appeal their assessed value if they believe it is inaccurate.
Once the property tax rate is set, property owners will receive a tax bill that reflects the amount of taxes owed based on the assessed value of their property and the property tax rate. Property taxes are due annually in two installments: the first installment is due by January 31st, and the second installment is due by July 31st.
It is important to note that property tax rates can vary based on the location of the property within Monroe County. Property owners should contact the Monroe County Assessor's Office or the Monroe County Treasurer's Office for more information about their specific property tax rate.
Homestead exemptions in Monroe County ?
A table containing all the county specific Homestead exemptions and deductions in Monroe County, Illinois can be found below:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Primary residence | Up to $6,000 | Available to all homeowners |
| Senior Citizen Homestead Exemption | Primary residence, age 65+ | Up to $5,000 | Must have a total household income of less than $65,000 |
| Senior Freeze Exemption | Primary residence, age 65+ | Varies | Frozen assessment for qualifying seniors |
| Disabled Veteran Homestead Exemption | Primary residence, honorably discharged disabled veteran | Up to $100,000 | Must be certified by the Illinois Department of Veterans' Affairs |
| Returning Veterans' Homestead Exemption | Primary residence, served on active duty overseas | Up to $5,000 | Must have returned from duty within the last two years |
Note that these exemptions may be subject to change and residents of Monroe County, Illinois should consult with their local government for the most up-to-date information.
When is Monroe County Property Tax due ?
Monroe County Property Tax typically needs to be paid by the end of January. Here are the available payment methods:
| Payment Method | Details |
|---|---|
| Online Payment | Property owners can pay online through the Monroe County Tax Collector's website using a debit or credit card. A convenience fee of 2.35% is charged for this service |
| Mail Payment | Checks can be mailed to the Monroe County Tax Collector's office. The address is provided on the tax bill |
| In-Person Payment | Payments can be made in person at the Monroe County Tax Collector's Office in Key West or Marathon. Cash, check, money orders, and debit or credit card payments are accepted. A convenience fee of 2.35% is charged for card payments |
It is important to note that failure to pay the property tax on time may result in penalties and interest charges. Property owners should try to pay their taxes on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
How is Monroe County Property Tax penalty calculated ?
Monroe County Property Tax Penalty Calculation
Property owners in Monroe County are required to pay their property taxes on time. Failure to do so can result in penalties being added to the original amount due. The penalty is calculated based on a percentage of the unpaid taxes and accrues daily until the full amount is paid.
The calculation of the penalty is based on the following formula:
Penalty = (1.5% x Amount Due) + (0.5% x (Number of Days Late))
Here's an example to illustrate the calculation:
Let's say John owns a property in Monroe County and his property tax bill for the year is $2,000. He fails to pay the bill on time and is 30 days late in making the payment.
Using the formula, we can calculate John's penalty as follows:
Penalty = (1.5% x $2,000) + (0.5% x 30)
Penalty = $30 + $15
Penalty = $45
So John's penalty for being 30 days late in paying his property taxes would be $45.
It's important to note that the penalty continues to accrue daily until the full amount is paid. Therefore, it's recommended that property owners pay their taxes on time to avoid incurring unnecessary penalties.
Monroe County Property Tax Penalty Calculation can be summarized in the following table:
| Formula | Penalty |
|---|---|
| (1.5% x Amount Due) + (0.5% x (Number of Days Late)) | Daily accruing penalty until the full amount is paid |
Remember, it's always better to pay your property taxes on time to avoid additional penalties.
We recommend contacting the Monroe County Tax Office or a local tax professional for the most up-to-date and accurate information.