Example of Petroleum County Property Tax Calculation
Petroleum County Property Tax is calculated by multiplying the assessed value of a property by the local mill rate. The assessed value is determined by the county assessor based on the market value of the property.
For example, if a property has an assessed value of $100,000 and the mill rate is 60 mills, the property tax would be calculated as follows:
$100,000 x 0.06 (which is 60 mills divided by 1,000) = $6,000
Therefore, the property owner would owe $6,000 in property taxes for that year.
It's important to note that mill rates can vary by location and can be adjusted annually by local governments. Additionally, some properties may qualify for exemptions or reductions in property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Petroleum County Property Tax Rates
The Petroleum County Property Tax rates for the current year are presented below in a formatted table.
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $2.90 |
| Road District | $1.00 |
| High School District | $1.50 |
| Elementary School District | $2.00 |
| Special Districts | Varies (Contact County Treasurer for details) |
It is important to note that the rate per $100 of assessed value may vary depending on the property's location and classification. Property owners in Petroleum County are encouraged to contact the County Treasurer for more information about their specific taxes.
Who sets property tax rates in Petroleum County ?
Who sets property tax rates in Petroleum County?
The Petroleum County Board of County Commissioners sets property tax rates in Petroleum County. They are responsible for determining the budget needed for the county's operations and services, and then setting the property tax rates accordingly.
When are property tax rates set in Petroleum County?
Property tax rates in Petroleum County are typically set annually. The Board of County Commissioners will usually begin the process of setting tax rates in the summer, with public hearings and meetings held to gather input and feedback from residents.
Once the tax rates are set, property owners in Petroleum County will receive a tax bill that outlines the amount owed based on the assessed value of their property. It's important for property owners to pay these taxes on time to avoid penalties and interest charges.
Homestead exemptions in Petroleum County ?
To help homeowners in Petroleum County, Montana, our blogger created a table with all the county-specific Homestead exemptions and deductions available. The table contains the following columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Primary residence | Up to $100,000 | Must file application by March 1st |
| Senior Citizen Exemption | Primary residence of those 62 years and older | Up to $250,000 | Must have income less than $45,000 |
| Disabled Person Exemption | Primary residence of those with a disability | Up to $250,000 | Must have income less than $45,000 |
| Agricultural Property Exemption | Agricultural property | Up to $20,000 | Must apply by November 30th |
| Forest Reserve Exemption | Forested property | Up to $20,000 | Must apply by November 30th |
| Oil and Gas Production Property Exemption | Production property | Up to 100% | Must file application by March 1st |
| Alternative Energy System Exemption | Primary residence with alternative energy system | Up to $20,000 | Must file application by March 1st |
| Residential Wind and Solar Energy System Exemption | Primary residence with solar or wind energy system | Up to $20,000 | Must apply by November 30th |
It's important to note that certain exemptions have specific requirements and deadlines, so homeowners in Petroleum County should make sure to read the details carefully before applying. Overall, these exemptions and deductions can provide significant savings for eligible homeowners.
When is Petroleum County Property Tax due ?
Petroleum County Property Tax Due Date and Payment Methods
Petroleum County Property Tax is typically due on November 30th of each year. To avoid any penalties, taxpayers should make sure their payment is received or postmarked by this date.
There are various payment methods available for Petroleum County Property Tax. Taxpayers can choose to pay in person, by mail, or online. Here are the details:
In-Person Payment
Taxpayers can visit the Petroleum County Treasurer's Office in person to pay their property taxes. The office is located at:
Petroleum County Treasurer 302 E Main St Winnett, MT 59087
Mail Payment
Taxpayers can also mail a check or money order to the Petroleum County Treasurer's Office. The mailing address is:
Petroleum County Treasurer PO Box 226 Winnett, MT 59087
The check or money order should be made payable to "Petroleum County Treasurer."
Online Payment
Taxpayers can make a secure online payment using a credit/debit card or eCheck. To pay online, taxpayers can visit the Petroleum County website and select the "Pay Property Tax" option. They will need to enter their tax ID number, property address, and payment information.
It is recommended that taxpayers keep a copy of their payment receipt for their records.
In summary, Petroleum County Property Tax is due on November 30th of each year, and taxpayers have the option to pay in person, by mail, or online.
If you have more questions - contact your local tax collector.
How is Petroleum County Property Tax penalty calculated ?
Petroleum County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they may be subject to penalties and interest charges. In Petroleum County, Montana, the penalty for unpaid property taxes is calculated as a percentage of the delinquent taxes owed.
The penalty is determined by the number of months the taxes are delinquent, as follows:
| Months Delinquent | Penalty Percentage |
|---|---|
| 1 | 2% |
| 2 | 3% |
| 3 | 4% |
| 4 | 5% |
| 5 | 6% |
| 6+ | 10% |
For example, if a property owner owes $2,000 in property taxes and fails to pay them for two months, they would be subject to a penalty of 3%. This would result in an additional charge of $60 ($2,000 x 3%).
It is important to note that interest is also charged on delinquent taxes in addition to the penalty. In Petroleum County, the interest rate for unpaid property taxes is 1% per month.
In summary, the penalty for delinquent property taxes in Petroleum County is based on the number of months the taxes are overdue and is calculated as a percentage of the total amount owed. It is important for property owners to pay their taxes on time to avoid these penalties and interest charges.
We recommend contacting the Petroleum County Tax Office or a local tax professional for the most up-to-date and accurate information.