Example of Montgomery County Property Tax Calculation
In Montgomery County, property tax is calculated by taking the assessed value of the property and multiplying it by the county's tax rate. The assessed value is determined by the county assessor's office based on the property's market value and any improvements made to the property.
For example, if a property in Montgomery County has an assessed value of $200,000 and the county's tax rate is 1%, the property tax would be $2,000 per year. This amount may vary based on any exemptions or deductions that may apply to the property owner.
It's important to note that property taxes in Montgomery County are used to fund local schools, libraries, parks, and other public services that benefit the community as a whole.
If you want appeal your property tax assessment - contact your local tax assessor.
Montgomery County Property Tax Rates
The following is a formatted table listing the Montgomery County Property Tax rates in US dollars per 100$ of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Property Tax | $0.98 |
| Municipal Property Tax | $0.00 - $2.70 (depending on location) |
| School District Property Tax | $22.50 - $34.45 (depending on district) |
| Library Tax | $0.75 - $1.50 (depending on location) |
| Fire Tax | $0.00 - $1.63 (depending on location) |
Please note that the exact rates may vary based on location and other factors. It is important to consult with a qualified tax professional for specific tax advice.
Who sets property tax rates in Montgomery County ?
In Montgomery County, property tax rates are set by the County Council. This process typically occurs annually, with rates being established for the upcoming fiscal year. The County Council works to strike a balance between generating revenue for the county and ensuring that tax rates remain reasonable for property owners. Factors that can impact property tax rates include changes in property values, shifts in the local economy, and new initiatives or programs implemented by the county. Property owners can stay informed about tax rates and other important issues by regularly consulting with their tax advisor or checking the county's website for updates.
To summarize:
- Who sets property tax rates in Montgomery County?
- The County Council
- When are property tax rates set in Montgomery County?
- Annually, for the upcoming fiscal year
- How are property tax rates determined in Montgomery County?
- The County Council balances revenue generation with reasonable rates for property owners
- What factors can impact property tax rates in Montgomery County?
- Changes in property values, shifts in the local economy, and new initiatives or programs implemented by the county.
Homestead exemptions in Montgomery County ?
The following table lists all the county-specific Homestead exemptions and deductions in Montgomery County, Illinois. This information is intended for adult readers in the USA.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupants of residential property | Up to $6,000 of assessed value | Must be used as a primary residence |
| Senior Citizen Homestead Exemption | Owner-occupants who are 65 years or older | Up to $5,000 of assessed value | Must have a total household income of no more than $65,000 |
| Senior Citizen Assessment Freeze Homestead Exemption | Owner-occupants who are 65 years or older | Property assessment frozen at base year | Must have a total household income of no more than $65,000 |
| Disabled Veterans' Exemption | Honorably discharged veterans with a service-connected disability | Up to $250,000 of assessed value | Must have a disability rating of at least 30% |
| Returning Veterans' Homestead Exemption | Veterans who have served on active duty overseas | Up to $5,000 of assessed value | Must have served after September 11, 2001 |
It's important to note that eligibility requirements may vary, and additional documentation may be required to claim these exemptions and deductions. For more information, residents of Montgomery County can contact their local assessor's office.
When is Montgomery County Property Tax due ?
Montgomery County Property Tax typically has a due date of September 30th of each year. However, taxpayers can pay their property taxes in two installments if the property is their primary residence. The first installment is due on September 30th and the second installment is due on December 31st.
There are several payment methods available for Montgomery County Property Tax. Taxpayers can pay by mail, in person, by phone or online. For payments by mail, checks or money orders should be made payable to "Montgomery County Treasurer" and sent to the address on the tax bill. To pay in person, taxpayers can visit the Montgomery County Treasurer's Office during regular business hours. Payments by phone can be made using a credit or debit card by calling the automated system at 866-539-2020. Online payments can be made through the Montgomery County Treasurer's website using a credit or debit card or an e-check.
Here is a summary of the Montgomery County Property Tax due date and payment methods:
| Due Date | Payment Methods |
|---|---|
| September 30th | Mail, in person, phone, online |
| December 31st (for primary residences only) | Mail, in person, phone, online |
Note that the due date and payment methods may vary by county and state, so taxpayers should check with their local treasurer's office for specific information.
If you have more questions - contact your local tax collector.
How is Montgomery County Property Tax penalty calculated ?
Montgomery County calculates property tax penalties based on the amount of time the payment is late. The penalty is calculated as a percentage of the unpaid taxes and accrues daily until the taxes are paid in full.
Here’s an example:
Let’s say John owns a house in Montgomery County and has a property tax bill of $5,000 due on September 1st. John fails to pay the taxes on time and waits until October 1st, a full month late. The penalty for late payment in Montgomery County is 1% per month, so John’s penalty would be 1% of the outstanding $5,000, or $50 for the first month.
If John still doesn't pay by November 1st, the penalty would increase to 2%, or $100 for the second month. This penalty would continue to increase every month until John pays in full.
The table below shows the penalty rates for Montgomery County property taxes:
| Months Late | Penalty Percentage |
|---|---|
| 1 | 1% |
| 2 | 2% |
| 3 | 3% |
| 4 | 4% |
| 5 | 5% |
| 6 | 6% |
It's important to note that in addition to the penalty, interest will also accrue daily on any unpaid taxes until they are paid in full. Therefore, it's best to pay property taxes on time to avoid unnecessary penalties and interest charges.
We recommend contacting the Montgomery County Tax Office or a local tax professional for the most up-to-date and accurate information.