Example of Morgan County Property Tax Calculation
Morgan County calculates property tax based on the value of the property. First, the county assessor determines the assessed value of the property by using the market value and multiplying it by a certain percentage set by the state. Then, the tax rate for the county is applied to the assessed value of the property to determine the property tax owed.
For example, if a property in Morgan County has a market value of $100,000 and the state-assigned percentage for valuation is 20%, the assessed value of the property would be $20,000. If the tax rate for the county is 1%, the property tax owed would be $200 (1% of $20,000).
It's important to note that there may be additional taxes or fees levied by other governing bodies, such as the city or school district, that will also factor into the final property tax amount.
If you want appeal your property tax assessment - contact your local tax assessor.
Morgan County Property Tax Rates
The Morgan County Property Tax rates for 2021 are as follows:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.31 |
| County Highway | $0.25 |
| County Schools | $1.19 |
| City of Decatur | $0.65 |
| City of Hartselle | $0.69 |
| City of Priceville | $0.50 |
It is important to note that these rates are subject to change and may vary depending on the specific location within Morgan County.
Who sets property tax rates in Morgan County ?
Who sets property tax rates in Morgan County?
The Morgan County Board of Commissioners is responsible for setting property tax rates in Morgan County. They do this annually during their budgeting process, which typically occurs in the fall. The tax rates are based on the assessed value of the property and are used to fund various county services, such as public schools and public safety.
When are property tax rates set in Morgan County?
The property tax rates in Morgan County are set annually during the budgeting process by the Board of Commissioners. This typically occurs in the fall, before the start of the next fiscal year, which runs from July 1st to June 30th. The rates are then applied to the assessed value of each property in the county and collected by the county tax collector.
| Who sets property tax rates in Morgan County? | The Morgan County Board of Commissioners |
|---|---|
| When are property tax rates set in Morgan County? | Annually during the budgeting process, typically in the fall |
Homestead exemptions in Morgan County ?
Morgan County in Illinois offers a range of Homestead exemptions and deductions to eligible residents. Here are the details for each:
Homestead Exemptions and Deductions in Morgan County, Illinois
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | Up to $6,000 | Applies to primary residence only |
| Senior Citizen Homestead Exemption | Homeowners over 65 years old | Up to $5,000 | Must apply annually |
| Senior Citizen Assessment Freeze | Homeowners over 65 years old | Freezes property assessment | Must apply annually |
| Disabled Persons Homestead Exemption | Homeowners with disabilities | Up to $2,000 | Must provide proof of disability |
| Disabled Veterans Standard Homestead Exemption | Veterans with disabilities | Up to $100,000 assessed value | Must provide proof of disability |
| Returning Veterans Homestead Exemption | Veterans who have returned from active duty | Up to $5,000 assessed value | Must have served after 9/11/2001 |
It's important to note that these exemptions and deductions may vary by county and may have additional requirements. Homeowners in Morgan County who believe they are eligible for one of these exemptions should contact the county assessor's office for more information.
When is Morgan County Property Tax due ?
Morgan County Property Tax is typically due on October 15th of each year. Property owners in Morgan County have several payment methods available to them to make sure they pay their taxes on time.
The following table shows the different payment methods available to Morgan County property owners:
| Payment Method | Details |
|---|---|
| Online Payments | Payments can be made online through the Morgan County website using a credit/debit card or electronic check. |
| Mail-In Payments | Payments can be mailed to the Morgan County Treasurer's office with a check or money order. |
| In-Person Payments | Payments can be made in-person at the Morgan County Treasurer's office with cash, check, or money order. |
It's important for property owners in Morgan County to make sure they pay their property taxes on time to avoid any late fees or penalties. It's also recommended that they keep a record of their payment for future reference.
If you have more questions - contact your local tax collector.
How is Morgan County Property Tax penalty calculated ?
Morgan County Property Tax Penalty Calculation
In Morgan County, property taxes are due on October 1st of each year. If the taxes are not paid by December 31st, a penalty will be assessed. The penalty is calculated based on a percentage of the unpaid taxes and increases each month until the taxes are paid. Here's an example of how the penalty is calculated:
| Month | Penalty Percentage |
|---|---|
| Jan | 1% |
| Feb | 2% |
| Mar | 3% |
| Apr | 4% |
| May | 5% |
| Jun | 6% |
| Jul | 7% |
| Aug | 8% |
| Sept | 9% |
| Oct | 10% |
| Nov | 11% |
| Dec | 12% |
Let's say that John owns a property in Morgan County and his property taxes for the year are $2,000. If he doesn't pay the taxes by December 31st, he will owe a penalty in addition to the unpaid taxes. Here's how the penalty would be calculated if John paid his taxes in March:
- Unpaid taxes: $2,000
- Penalty for January: $20 (1% of $2,000)
- Penalty for February: $40 (2% of $2,000)
- Penalty for March: $60 (3% of $2,000)
- Total penalty: $120
- Total amount due: $2,120
It's important to note that the penalty percentage is based on the total amount due, which includes both the unpaid taxes and any previous penalties. So, if John didn't pay his taxes until July, he would owe a penalty of 7% on the total amount due, which would be $2,495.60.
To avoid penalties, it's important to pay property taxes on time or make arrangements for a payment plan with the county. If you have any questions about property tax penalties in Morgan County, contact the county treasurer's office for more information.
We recommend contacting the Morgan County Tax Office or a local tax professional for the most up-to-date and accurate information.