Example of New Madrid County Property Tax Calculation
In New Madrid County, the property tax calculation is based on the assessed value of the property. The assessed value is determined by the county assessor's office, and it is typically a percentage of the property's fair market value.
For example, if a property has a fair market value of $100,000 and the assessment rate is 25%, the assessed value would be $25,000.
Once the assessed value is determined, the property tax rate is applied to it. The property tax rate is determined by the county government and varies based on the location and type of property.
For instance, if the property tax rate is 2%, the property tax due would be $500 ($25,000 assessed value x 2% tax rate = $500).
It's important to note that property taxes are used to fund local services such as schools, roads, and emergency services. Property owners in New Madrid County can typically pay their property taxes annually or in installments throughout the year.
If you want appeal your property tax assessment - contact your local tax assessor.
New Madrid County Property Tax Rates
The following table lists the current property tax rates for New Madrid County, displayed in a readable format with two columns: the tax type and the rate per $100 of assessed value.
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.7091 |
| County Health | $0.1000 |
| County Ambulance | $0.2500 |
| County Road | $0.2900 |
| County Library | $0.1500 |
| County Extension | $0.1000 |
| County Storm Water | $0.1300 |
Overall, the property tax rates for New Madrid County align with those of other counties in the region, offering a reasonable balance between funding public services and providing a fair tax burden for residents.
Who sets property tax rates in New Madrid County ?
Who sets property tax rates in New Madrid County?
The New Madrid County Commission is responsible for setting property tax rates in New Madrid County. They do this annually during budget sessions, typically in the month of September.
When are property tax rates set in New Madrid County?
Property tax rates in New Madrid County are set on an annual basis during budget sessions held by the County Commission. These sessions usually take place in September of each year.
| Entity | Responsibility |
|---|---|
| New Madrid County Commission | Sets property tax rates annually during budget sessions |
| County residents | Vote on property tax levies and bond issues during elections |
It is important to note that while the County Commission sets the property tax rates, the residents of New Madrid County have the opportunity to vote on any proposed tax levies or bond issues during elections.
When is New Madrid County Property Tax due ?
New Madrid County Property Tax is typically due on December 31st of each year. Property owners are given a grace period until January 31st of the following year to pay their taxes without incurring any late fees or penalties.
There are several payment methods available for property owners to pay their taxes, including:
- In-person: Property owners can go to the New Madrid County Collector's Office and pay their taxes in person by cash, check, or money order.
- By mail: Property owners can also mail their payment to the New Madrid County Collector's Office. The payment must be postmarked on or before the due date to avoid any late fees or penalties.
- Online: Property owners can pay their taxes online through the New Madrid County Collector's website using a credit card, debit card, or e-check.
It is important for property owners to pay their taxes on time to avoid any late fees or penalties. Failure to pay property taxes can result in the property being sold at a tax sale or even foreclosure.
If you have more questions - contact your local tax collector.
Homestead exemptions in New Madrid County ?
To provide valuable information regarding Homestead exemptions and deductions in New Madrid County, Missouri, the following table includes important details such as exemption, eligibility, amount and notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Resident homeowner | $15,000 | Must be primary residence |
| Homestead Preservation Credit | Resident homeowner | Varies | Based on income, must apply annually |
| Disabled Veterans Exemption | Veteran with service-related disability | Varies | Based on percentage of disability |
| Senior Citizen's Exemption | Resident aged 65 or older | $1,000 | Must be primary residence, income restrictions apply |
| Surviving Spouse Exemption | Surviving spouse of veteran or first responder | $25,000 | Must be primary residence for 2 years |
| Circuit Breaker Exemption | Resident with limited income and high property taxes | Varies | Based on income and taxes paid |
It is essential to note that eligibility and amounts may vary depending on the specific circumstances of each case. It is recommended to consult with a tax professional or the local assessor's office for more detailed information.
How is New Madrid County Property Tax penalty calculated ?
New Madrid County calculates property tax penalties based on a percentage of the taxes owed, which increases over time as the bill remains unpaid. Here is an example:
- Property owner John Smith owes $1,500 in property taxes for the year 2020 in New Madrid County, Missouri.
- The due date for payment was December 31, 2020.
- As of January 1, 2021, a penalty of 2% is added to the unpaid balance, making the total amount owed $1,530.
- If the taxes are still unpaid by February 1, 2021, an additional penalty of 1% is added, making the total amount owed $1,545.
- If the taxes remain unpaid by March 1, 2021, another penalty of 1% is added, making the total amount owed $1,560.
This pattern continues every month, with an additional 1% penalty added each time until the unpaid balance is paid in full.
Below is a table that illustrates the penalty calculation for John Smith's unpaid property taxes:
| Month | Unpaid Balance | Penalty Percentage | Penalty Amount | Total Owed |
|---|---|---|---|---|
| Jan | $1,500 | 2% | $30 | $1,530 |
| Feb | $1,530 | 1% | $15.30 | $1,545.30 |
| Mar | $1,545.30 | 1% | $15.45 | $1,560.75 |
| ... | ... | ... | ... | ... |
It is important to note that these penalties are in addition to the original amount due and interest charges, which also accrue over time. To avoid penalties and interest charges, it is best to pay property taxes on time or make arrangements with the county to pay in installments.
We recommend contacting the New Madrid County Tax Office or a local tax professional for the most up-to-date and accurate information.