Example of Parke County Property Tax Calculation
Parke County calculates property taxes based on the assessed value of the property. To calculate the tax, the county first determines the assessed value of the property by multiplying the property's market value by an assessment rate. The assessment rate for residential properties in Parke County is currently 19%.
For example, if a residential property in Parke County has a market value of $100,000, the assessed value would be $19,000 ($100,000 x 0.19).
Once the assessed value is determined, the county then applies a tax rate to calculate the property tax owed. The tax rate varies depending on the property's location within the county and any special taxing districts that might apply.
Assuming a tax rate of 1.5% (for demonstration purposes only), the property tax owed on the above example would be $285 ($19,000 x 0.015).
It's important to note that property owners may be eligible for various tax exemptions and deductions that could lower the amount of property tax owed. These include exemptions for seniors, veterans, and disabled persons, as well as deductions for home improvements and energy-efficient upgrades.
If you want appeal your property tax assessment - contact your local tax assessor.
Parke County Property Tax Rates
The Parke County Property Tax rates for the current fiscal year are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.5710 |
| County Highway | $0.1364 |
| County Cumulative Capital Development | $0.0380 |
| County Economic Development Income Tax | $0.0400 |
| County Solid Waste Management | $0.0240 |
| School General | $1.0363 |
| School Debt Service | $0.2383 |
| Township General | $0.0649 |
| Township Fire Protection | $0.0130 |
| Township Cumulative Capital Development | $0.0230 |
It's important to note that these rates are subject to change annually and may vary based on the specific location and assessment value of your property. It's recommended to consult with a qualified tax professional for any questions or clarifications regarding property tax rates.
Who sets property tax rates in Parke County ?
Who sets property tax rates in Parke County?
The Parke County Council is responsible for setting property tax rates in Parke County. They are a group of elected officials who meet regularly to discuss and make decisions about the county's budget and finances.
When are property tax rates set in Parke County?
According to Indiana law, property tax rates must be set by the county council before November 1 of each year. This ensures that property owners receive their tax bills and have time to pay them before the end of the year.
How are property tax rates determined in Parke County?
The property tax rates in Parke County are determined based on the county's budget needs and the total assessed value of all taxable property within the county. The county council will consider factors such as the cost of providing essential services like schools, police, and fire protection when setting the tax rates.
What should property owners in Parke County do if they have questions about their property taxes?
Property owners in Parke County who have questions about their property taxes or the property tax rates can contact the county auditor's office for assistance. The auditor's office can provide information about tax rates, due dates, and payment options. They can also help property owners understand how their taxes are calculated and what factors may impact their tax bill.
Homestead exemptions in Parke County ?
Creating a table with columns for exemptions, eligibility, amount, and notes is an efficient way to organize county specific Homestead exemptions and deductions in Parke County, Indiana. This table provides a clear overview of the benefits offered to homeowners in the county, making it easy for readers to understand and use.
Here is a table with the required columns:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Deduction | Homeowner | Up to $45,000 | Must be the primary residence |
| Over 65 Deduction | Homeowner 65 or older | Up to $12,480 | Must apply each year |
| Veterans Deduction | Qualifying Veterans | Up to $24,960 | Must have served in active duty and be honorably discharged |
| Disabled Veterans Deduction | Qualifying Disabled Veterans | Up to $49,920 | Must have served in active duty and be honorably discharged and have a service-connected disability rating of at least 10% |
It's important to note that some of these exemptions have specific eligibility criteria, so it's important to review the requirements carefully before applying. Additionally, some of the exemptions have a maximum amount that can be deducted from the property value, so not all homeowners may receive the full amount.
Overall, this table provides a clear and concise overview of the Homestead exemptions and deductions available to homeowners in Parke County, Indiana.
When is Parke County Property Tax due ?
Parke County Property Tax is typically due twice a year, with the first installment due on May 10th and the second installment due on November 10th.
There are a number of different payment methods available to Parke County residents. These include:
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Paying online: Residents can pay their property taxes online using a credit card or electronic check. They can do this through the Parke County Treasurer's website.
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Paying in person: Residents can pay their property taxes in person at the Parke County Treasurer's office, which is located in the Parke County Courthouse.
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Paying by mail: Residents can also pay their property taxes by mailing a check or money order to the Parke County Treasurer's office. The address for this is:
Parke County Treasurer 116 W High St Rockville, IN 47872
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Paying through a bank: Residents may also be able to pay their property taxes through their bank. They should contact their bank to see if this is an option.
It's important to note that if residents do not pay their property taxes on time, they may face penalties and interest charges. So it's important to make sure to pay on time, and to choose a payment method that is convenient and easy to use.
If you have more questions - contact your local tax collector.
How is Parke County Property Tax penalty calculated ?
Parke County Property Tax Penalty Calculation
When a property owner fails to pay their property tax on time, they will be subjected to a penalty by the Parke County Treasurer's Office. The penalty is calculated based on the amount of delinquent taxes owed and the number of days past the due date.
The penalty for delinquent property tax in Parke County is as follows:
| Days Past Due | Penalty Rate |
|---|---|
| 1-30 days | 5% |
| 31-60 days | 10% |
| 61-90 days | 15% |
| 91+ days | 20% |
For example, if a property owner owes $1,000 in property tax and fails to pay it by the due date, they will be charged a penalty according to the table above. If the property owner pays after 45 days past the due date, they will be charged a 10% penalty, which is $100 ($1,000 x 10%). Therefore, the total amount owed will be $1,100 ($1,000 in delinquent taxes + $100 in penalties).
It is important for property owners to pay their property tax on time to avoid being subjected to penalties. The Parke County Treasurer's Office provides several payment options, including online payments, in-person payments, and mail-in payments.
In summary, the Parke County property tax penalty is calculated based on the number of days past due and the amount of delinquent taxes owed. Property owners should pay their taxes on time to avoid additional penalties and fees.
We recommend contacting the Parke County Tax Office or a local tax professional for the most up-to-date and accurate information.