Example of Moultrie County Property Tax Calculation
Moultrie County Property Tax is calculated by multiplying the assessed value of the property by the tax rate for that area. For example, if a property in Moultrie County is assessed at $100,000 and the tax rate is 2%, the property owner would pay $2,000 in taxes. This calculation is done annually and the tax rate can vary depending on the location of the property and changes in local tax laws. It is important for property owners to stay informed about any changes in tax rates to accurately budget for their property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Moultrie County Property Tax Rates
To help Moultrie County property owners understand their tax obligations, the current tax rates are presented below in an easy-to-read table format. The tax rates are expressed in terms of the rate per $100 of assessed property value.
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $0.7400 |
| School Tax | $2.2000 |
| Township Tax | $0.3500 |
| Municipal Tax | $0.5000 |
It is important to note that these rates are subject to change, so property owners should check with their local tax authority for the most current information. By providing this information in a clear and concise manner, property owners can better plan for their tax obligations and make informed decisions about their property ownership.
Who sets property tax rates in Moultrie County ?
Property Tax Rates in Moultrie County
In Moultrie County, property tax rates are set by the County Board once a year. The County Board is comprised of elected officials who represent the citizens of Moultrie County.
The property tax rates are typically set in September or October for the following year. The rate is based on the assessed value of the property, which is determined by the Moultrie County Assessor's Office.
The property tax rate is calculated by dividing the amount of revenue needed to fund the county's budget by the total assessed value of all properties in Moultrie County. This rate is then applied to each property owner's assessed value to determine their property tax bill.
It is important to note that property tax rates can vary between different areas within Moultrie County. For example, the tax rate in a city may be higher or lower than the rate in a rural area.
Property owners in Moultrie County can contact the County Board or the Assessor's Office for more information about property tax rates and how they are determined.
When is Moultrie County Property Tax due ?
Moultrie County Property Tax Due Date and Payment Methods
Moultrie County property tax is typically due on September 1st of each year. However, the due date may vary, so it's essential to check with the county treasurer's office to confirm the payment deadline.
The payment methods available for Moultrie County property tax include:
| Payment Method | Description |
|---|---|
| Online Payment | Residents can pay their property taxes online through the county treasurer's website. The payment can be made using a debit card, credit card, or through an electronic check. |
| Mail Payment | Property owners can also send their payment through the mail to the county treasurer's office. The payment must include a check or money order and the payment stub. |
| In-Person Payment | Residents can visit the county treasurer's office to make their payment in person. The payment can be made using cash, check, or money order. |
It's crucial to note that late payment of Moultrie County property tax can result in penalties and interest charges. Therefore, it's advisable to make payments on time or before the due date to avoid incurring additional costs.
If you have more questions - contact your local tax collector.
How is Moultrie County Property Tax penalty calculated ?
Moultrie County in Illinois imposes penalties on property owners who fail to pay their property taxes on time. The penalty is calculated based on the amount of taxes owed and the number of days the payment is late. Here's an example to give you a better understanding:
Suppose a property owner in Moultrie County owes $5,000 in property taxes for the year 2021. The taxes are due on June 1st, but the property owner fails to make the payment until July 15th, which is 45 days late.
The penalty would be calculated as follows:
- First, there is a 1.5% penalty applied to the unpaid balance for the first month (June), which amounts to $75.
- Then, for each additional month the payment is late (July in this case), an additional 1.5% penalty is applied, which amounts to $75.
- Finally, there is a $25 administrative fee added to the total penalty.
In this example, the total penalty would be $175 ($75 + $75 + $25). Therefore, the property owner would owe a total of $5,175 ($5,000 + $175) for their late property tax payment.
It's important for property owners in Moultrie County to pay their property taxes on time to avoid any unnecessary penalties and fees.
Homestead exemptions in Moultrie County ?
To help homeowners in Moultrie County, Illinois understand the Homestead exemptions and deductions available to them, the following table outlines the specific exemptions, eligibility requirements, amounts, and notes for each one:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must own and occupy property as primary residence on January 1st of the assessment year. | Up to $6,000 | Applies to all residential property. |
| Senior Citizen Homestead Exemption | Must be 65 years or older and own and occupy property as primary residence on January 1st of the assessment year. Total household income cannot exceed $65,000. | Up to $5,000 | Applies to all residential property. |
| Senior Citizen Assessment Freeze Homestead Exemption | Must be 65 years or older and have a total household income of $65,000 or less. Property must be owner-occupied and have been located in the county for at least 10 years. | Frozen assessed value | Applies to all residential property. |
| Home Improvement Exemption | Must own and occupy property as primary residence on January 1st of the assessment year. Improvements must increase the value of the property by at least $25,000. | Up to $75,000 | Applies to all residential property. |
| Disabled Persons Homestead Exemption | Must be disabled and own and occupy property as primary residence on January 1st of the assessment year. Total household income cannot exceed $65,000. | Up to $2,000 | Applies to all residential property. |
| Disabled Veterans Homestead Exemption | Must be a veteran with a service-connected disability rating of at least 30% and own and occupy property as primary residence on January 1st of the assessment year. | Up to $2,500 | Applies to all residential property. |
It is important to note that these exemptions and deductions are subject to change and may have additional requirements or limitations. Homeowners in Moultrie County should contact their local assessor's office for more information and to determine their eligibility for these benefits.
We recommend contacting the Moultrie County Tax Office or a local tax professional for the most up-to-date and accurate information.