Example of Owsley County Property Tax Calculation
Owsley County calculates property taxes based on the assessed value of the property. The assessment is determined by the Property Valuation Administrator (PVA) and is equal to 100% of the property's fair cash value.
To calculate the property tax, the assessed value is multiplied by the tax rate, which is set by the Owsley County Fiscal Court. For example, if the assessed value of a property is $100,000 and the tax rate is 0.01, the property tax would be $1,000.
It's important to note that exemptions and credits may apply to certain properties, such as primary residences or properties owned by veterans or seniors. These can lower the property tax amount owed.
Property taxes are due annually on October 1st and become delinquent on November 1st. Failure to pay property taxes can result in penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Owsley County Property Tax Rates
The Owsley County property tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.195 |
| County Road Fund | $0.094 |
| County Health Department | $0.029 |
| County Extension Office | $0.012 |
| County Fire Protection | $0.020 |
| County Library | $0.042 |
| Soil Conservation District | $0.012 |
Please note that these rates are subject to change and may vary based on the assessed value of a property.
Who sets property tax rates in Owsley County ?
Property tax rates in Owsley County, USA, are determined by the Owsley County Fiscal Court. The Fiscal Court is responsible for setting the tax rates every year during a meeting in late April or early May. The tax rate is based on the assessed value of the property and is used to fund local services such as schools, fire departments, and law enforcement. A table of property tax rates for Owsley County can be found on the Owsley County website or obtained from the County Clerk's office. It is important for property owners to stay informed about changes in the tax rates to plan their budgets accordingly.
Homestead exemptions in Owsley County ?
Homestead Exemptions and Deductions in Owsley County, Kentucky
The following table lists all the county-specific Homestead exemptions and deductions available in Owsley County, Kentucky:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | All homeowners | Up to $39,300 | Reduces taxable assessed value of the property |
| Disability Exemption | Homeowners with a disability | Up to $37,600 | Reduces taxable assessed value of the property |
| Over 65 Exemption | Homeowners over 65 years of age | Up to $37,600 | Reduces taxable assessed value of the property |
| Veteran's Exemption | Veterans who are 100% disabled or their surviving spouse | Up to $37,600 | Reduces taxable assessed value of the property |
| Agricultural Exemption | Property used for agricultural purposes | Varies | Must meet certain eligibility requirements |
Notes:
- The Homestead Exemption applies to a primary residence and only on the first $39,300 of assessed value.
- The Disability Exemption applies to homeowners who have a total disability rating of 100% from the VA or Social Security Administration.
- The Over 65 Exemption applies to homeowners who are at least 65 years old on January 1st of the year in which they apply.
- The Veteran's Exemption applies to veterans who have a 100% service-connected disability rating or their surviving spouse.
- The Agricultural Exemption applies to property that is used for bona fide agricultural purposes and must meet specific eligibility requirements. The amount of the exemption varies depending on the acreage and use of the property.
These exemptions and deductions can help Owsley County residents save money on their property taxes. Homeowners should check with their local county government office to determine eligibility and apply for these exemptions and deductions.
When is Owsley County Property Tax due ?
Owsley County Property Tax is typically due on October 1st. Payments can be made through a variety of methods, including:
| Payment Method | Details |
|---|---|
| Online Payment | Payments can be made online through the Owsley County website using a credit or debit card. |
| Mail-in Payment | Payments can be mailed to the Owsley County Treasurer's office with a check or money order. |
| In-person Payment | Payments can be made in person at the Owsley County Treasurer's office with cash, check, or money order. |
It is important to note that late payments may result in penalties and interest fees. Therefore, it is recommended to make payments on or before the due date to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Owsley County Property Tax penalty calculated ?
Owsley County is a county located in the state of Kentucky, in the United States of America. Like in many other counties and states, property owners are required to pay property taxes. If a property owner fails to pay their property taxes on time, they may be subject to a penalty.
How is the Owsley County Property Tax penalty calculated?
The penalty for late payment of property taxes in Owsley County is calculated as a percentage of the unpaid taxes. The penalty rate varies depending on the number of days that the payment is late. The penalty rate is 1% for the first month and an additional 0.5% for each month thereafter.
Here's an example:
Suppose the total property tax owed by a property owner in Owsley County is $1,000. If the property owner fails to pay the taxes by the due date, they would be subject to a penalty of 1% for the first month, which would be $10. If the payment is still not received after a month, an additional 0.5% penalty would be applied, which would be $5. The total penalty for two months of late payment would be $15, which is 1.5% of the unpaid taxes.
It is important to note that the penalty for late payment of property taxes in Owsley County can add up quickly. Therefore, it is important to pay the taxes on time to avoid unnecessary penalties and interest charges.
Conclusion
In summary, the penalty for late payment of property taxes in Owsley County, Kentucky is calculated as a percentage of the unpaid taxes. The penalty rate is 1% for the first month and an additional 0.5% for each month thereafter. Property owners should pay their taxes on time to avoid unnecessary penalties and interest charges.
We recommend contacting the Owsley County Tax Office or a local tax professional for the most up-to-date and accurate information.