Example of Obion County Property Tax Calculation
Obion County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office and is usually a percentage of the property's fair market value.
For example, if a property in Obion County has a fair market value of $100,000 and the assessment rate is 25%, then the assessed value of the property would be $25,000.
To calculate the property tax, the assessed value is multiplied by the county's tax rate. Let's say the tax rate for Obion County is 2%, then the property tax owed would be $500 ($25,000 x 0.02).
It's important to note that there may be additional taxes and fees, such as school district taxes, that will need to be added to the total property tax owed.
If you want appeal your property tax assessment - contact your local tax assessor.
Obion County Property Tax Rates
Here is a formatted table showing the current Obion County Property Tax rates in US dollars per $100 of assessed value, as of the time of writing:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.12 |
| County Highway | $0.16 |
| Debt Service | $0.25 |
| Education | $1.29 |
| Public Safety | $0.24 |
| Solid Waste | $0.24 |
Please note that these rates are subject to change based on local government decisions, and taxpayers should check with the local tax authority for the most up-to-date information.
Who sets property tax rates in Obion County ?
In Obion County, property tax rates are set by the County Commission annually. The rates are typically set during the budget cycle and can vary based on changes in the county's financial needs. The County Commission is made up of elected officials who are responsible for making decisions related to the county government's budget and finances. The property tax rate is an important source of revenue for the county, and the rates are typically adjusted to ensure the county can provide necessary services and maintain infrastructure. As a property owner in Obion County, it's important to stay informed about changes to property tax rates and how they may impact your finances.
Homestead exemptions in Obion County ?
To assist homeowners in Obion County, Tennessee, the following table provides a breakdown of county-specific Homestead exemptions and deductions.
Obion County Homestead Exemptions and Deductions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner | Up to $25,000 | Reduces assessed value of property for tax purposes |
| Elderly or Disabled Exemption | Homeowners 65 or older OR totally and permanently disabled | Up to $37,000 | Reduces assessed value of property for tax purposes |
| Disabled Veteran Exemption | Honorably discharged veterans with a service-connected disability rating of 30% or more | Up to $100,000 | Reduces assessed value of property for tax purposes |
| Veterans' Exemption | Honorably discharged veterans who served during a period of war | Up to $1,000 | Applies to personal property taxes only |
| Religious, Charitable, Scientific, or Educational Property | Property owned by organizations with a religious, charitable, scientific, or educational purpose | Fully exempt | Property must be used for designated purpose only |
It is important to note that there may be additional criteria or limitations for each exemption or deduction. Homeowners are encouraged to consult with their county officials or a licensed tax professional for further guidance.
When is Obion County Property Tax due ?
Obion County Property Tax Due Date and Payment Methods
If you own property in Obion County, Tennessee, you are responsible for paying your property taxes annually. Here's what you need to know about when your property tax is typically due and the available payment methods.
When is Obion County Property Tax typically due?
The due date for Obion County Property Tax is February 28th of each year. However, if February 28th falls on a weekend or holiday, the due date will be the next business day.
Payment Methods
There are several ways to pay your Obion County Property Tax, including:
- Online Payment: You can pay your taxes online using a credit card, debit card, or e-check through the Obion County Trustee's website.
- Mail: You can mail your payment to the Obion County Trustee's office at the address listed on your tax bill. Payments must be postmarked by the due date to avoid penalties and interest.
- In-Person: You can pay in person at the Obion County Trustee's office during business hours. Cash, check, and credit/debit cards are accepted.
It's important to note that if your taxes are not paid by the due date, you may be subject to penalties and interest. So, make sure to submit your payment on time to avoid any additional fees.
In summary, property owners in Obion County should mark their calendars for February 28th to ensure they pay their property taxes on time. They can choose from several payment methods, including online, mail, and in-person options.
If you have more questions - contact your local tax collector.
How is Obion County Property Tax penalty calculated ?
Introduction
Property taxes are a crucial source of revenue for counties in the United States. In Obion County, Tennessee, property owners must pay their taxes on time to avoid penalties. This article explains how Obion County Property Tax penalties are calculated and provides an example to help property owners understand the process.
Penalty calculation
Obion County charges a penalty of 1.5% per month on unpaid property taxes. The penalty is calculated based on the total amount of taxes owed, including any prior unpaid taxes, interest, and penalties. The penalty is applied using the following formula:
Penalty = (Total amount owed x 1.5% x Number of months late)
For example, suppose a property owner owes $1,000 in property taxes on a property assessed at $100,000. If the taxes are due on January 1st and are not paid until June 1st, the penalty would be calculated as follows:
Penalty = ($1,000 x 1.5% x 5) = $75
Therefore, the property owner would owe a total of $1,075 in property taxes, including the penalty.
Conclusion
Obion County Property Tax penalties are calculated based on the total amount owed and the number of months the taxes are late. Property owners should pay their taxes on time to avoid penalties, as they can add up quickly and make it more difficult to pay off the outstanding balance. By understanding how the penalties are calculated, property owners can make informed decisions when managing their taxes.
We recommend contacting the Obion County Tax Office or a local tax professional for the most up-to-date and accurate information.