Example of Overton County Property Tax Calculation
In Overton County, property taxes are calculated based on the assessed value of property. The assessed value is determined by the county assessor's office and is typically a percentage of the fair market value of the property.
To calculate the property tax, the assessed value is multiplied by the county's tax rate. For example, if the assessed value of a property is $100,000 and the tax rate is 2%, the property tax would be $2,000.
It's important to note that property tax rates can vary depending on the location and type of property. Property owners can typically find their specific tax rates by contacting their county's tax assessor or by searching online.
If you want appeal your property tax assessment - contact your local tax assessor.
Overton County Property Tax Rates
Here's a formatted table listing the property tax rates for Overton County, in US English and using active voice:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $2.31 |
| City | $0.99 |
| School | $2.49 |
| Total | $5.79 |
As shown in the table, the property tax rate for the county is $2.31 per $100 of assessed value, while the city's rate is $0.99 per $100 of assessed value. The school tax rate is $2.49 per $100 of assessed value. The total property tax rate for Overton County is $5.79 per $100 of assessed value.
Who sets property tax rates in Overton County ?
In Overton County, the property tax rates are set by the Overton County Board of Commissioners. This is a group of elected officials who represent the county's citizens and make decisions on its behalf.
The property tax rates for each year are typically set during the county's budgeting process, which takes place annually. During this time, the Board of Commissioners reviews the county's financial situation and makes decisions about how to allocate funds for various programs and services. Property taxes are a crucial source of revenue for the county, and thus, the rates are carefully considered.
The property tax rates vary depending on the location and type of property you own. The rates are typically expressed as a percentage of the property's assessed value, which is determined by the county assessor's office.
It is important to note that property tax rates can change from year to year, so it's essential to stay informed about any updates or changes that may affect you. Property owners should receive a notice of their property tax assessment each year, allowing them to review the assessed value and tax rates and make any necessary adjustments or appeals.
Overall, the property tax rates in Overton County are set by elected officials and are a crucial source of revenue for the county. Staying informed about any changes to the rates can help property owners make informed decisions about their finances.
Homestead exemptions in Overton County ?
In Overton County, Tennessee, there are several county-specific Homestead exemptions and deductions available for eligible residents. To provide a clear overview, a table with columns for exemption, eligibility, amount, and notes can be created:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be the primary residence | Up to $25,000 | Reduces the taxable value of the property |
| Disabled Veterans' Exemption | Must have a service-connected disability rating of 30% or higher | Up to $100,000 | Only applies to the primary residence |
| Elderly and Disabled Tax Relief | Must be 65 or older or disabled | Up to $25,000 | Reduces the taxable value of the property |
| Greenbelt Law | Must use the property for agricultural purposes | Varies | Reduces the property's assessed value, therefore reducing property taxes |
| Military Exemption | Must be on active duty | Up to $100,000 | Only applies to the primary residence |
It is important to note that eligibility requirements and amounts may vary depending on individual circumstances. Residents should contact the Overton County Assessor's office for more specific information and to determine if they qualify for any of these exemptions or deductions.
When is Overton County Property Tax due ?
Overton County Property Tax is typically due on October 31st of each year. Property owners are responsible for paying their taxes on time to avoid penalties and interest charges.
There are several payment methods available for Overton County Property Tax. Property owners can pay their taxes in person at the Overton County Trustee's office or at one of the county's various satellite offices. They can also pay by mail, by phone, or online through the County's website.
Here is a table summarizing the available payment methods:
| Payment Method | Details |
|---|---|
| In Person | Pay at the Trustee's office or at a satellite office. |
| By Mail | Mail a check or money order to the Trustee's office. |
| By Phone | Call the Trustee's office to pay by phone using a credit or debit card. |
| Online | Pay online through the County's website using a credit or debit card. |
It is important to note that there may be additional fees associated with some payment methods, such as convenience fees for paying online or by phone. Property owners should also ensure that they have the correct amount due and any necessary account information before making a payment.
If you have more questions - contact your local tax collector.
How is Overton County Property Tax penalty calculated ?
Overton County calculates property tax penalties based on a percentage of the unpaid taxes. The penalty is added to the original tax amount, and interest accrues until the balance is paid in full. Here is an example of how the penalty is calculated:
Assume that the property tax due for a property in Overton County is $1,000, and the payment was not made by the due date of January 31st. The penalty for late payment is 1.5% per month, which is added to the unpaid tax amount.
| Month | Unpaid Tax Amount | Penalty |
|---|---|---|
| Feb | $1,000 | $15 |
| Mar | $1,015 | $15.23 |
| Apr | $1,030.23 | $15.45 |
| May | $1,045.68 | $15.69 |
| June | $1,061.37 | $15.92 |
| July | $1,077.29 | $16.15 |
| Aug | $1,093.44 | $16.41 |
| Sept | $1,109.85 | $16.65 |
| Oct | $1,126.50 | $16.90 |
| Nov | $1,143.40 | $17.15 |
| Dec | $1,160.55 | $17.41 |
| Total | $1,160.55 | $189.96 |
In this example, the penalty for late payment accumulated to a total of $189.96 after one year of non-payment. The property owner would need to pay a total of $1,350.51 to settle the tax balance and the accrued interest and penalties.
It is important for property owners in Overton County to pay their property taxes on time to avoid incurring penalties and interest. If a payment is missed or delayed, it is recommended to contact the county tax office to discuss payment options and avoid further penalties.
We recommend contacting the Overton County Tax Office or a local tax professional for the most up-to-date and accurate information.