Example of Phelps County Property Tax Calculation
Phelps County Property Tax is calculated based on the assessed value of the property owned by the individual. The assessed value is determined by the county assessor's office, which takes into account factors such as the size of the property and its location.
Once the assessed value is determined, the property tax rate is applied to calculate the annual property tax bill. The tax rate is set by the county government, and varies depending on the location and type of property owned.
To give an example, let's say that John owns a 2,000 square foot house in Phelps County, Missouri. The county assessor's office has determined that the assessed value of the property is $150,000. The property tax rate for residential properties in Phelps County is 1.2%.
To calculate John's property tax bill, we would multiply the assessed value of the property ($150,000) by the tax rate (1.2%). The resulting calculation would be $1,800, which is the annual property tax bill that John would owe to the county.
If you want appeal your property tax assessment - contact your local tax assessor.
Phelps County Property Tax Rates
The table below presents the Phelps County Property Tax rates in US dollars per 100$ of assessed value:
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| County | 0.5050 |
| School | 2.9532 |
| City | 0.8610 |
| Fire | 0.2350 |
| Hospital | 0.2500 |
Please note that these rates are subject to change and may vary depending on the specific location and property type. For more detailed information and specific inquiries, it is recommended to consult with a qualified tax advisor.
Who sets property tax rates in Phelps County ?
In Phelps County, property tax rates are set by local government authorities. The specific entity responsible for setting the rates can vary depending on the location within the county. Generally, property tax rates are determined by a combination of factors, including the needs of the local government and the assessed value of the property. These rates are typically set annually and are subject to change based on shifting economic conditions and government priorities. As a tax advisor, it is important to keep up-to-date on any changes to property tax rates in order to provide accurate advice to clients.
| Who sets property tax rates in Phelps County? | Local government authorities |
|---|---|
| When are property tax rates set in Phelps County? | Annually |
| What factors determine property tax rates in Phelps County? | Local government needs and assessed property value |
Homestead exemptions in Phelps County ?
In Phelps County, Missouri, there are various Homestead exemptions and deductions that residents may be eligible for. Here is a breakdown of the available exemptions and deductions, including their eligibility criteria, amount, and any important notes.
Homestead Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | All residents who own and occupy their primary residence | $5,000 assessed value | Must file an application with county assessor |
| Senior Citizens | Residents 65 years and older who own and occupy their primary residence | $8,000 assessed value | Must file an application with county assessor |
| Disabled Persons | Residents with disabilities who own and occupy their primary residence | $8,000 assessed value | Must file an application with county assessor |
| Veterans | Veterans who are 100% disabled, or their surviving spouses | $100,000 assessed value | Must file an application with county assessor |
| Military | Active duty military personnel who own and occupy their primary residence | Exempt from property taxes | Must provide proof of active duty status |
Homestead Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Personal Property | All residents who own personal property | $5,000 assessed value | Automatically applied |
| Agricultural | Residents who own and operate agricultural property | 5% deduction from assessed value | Must file an application with county assessor |
| Educational | Residents who pay tuition to an accredited education institution | 100% deduction from tuition paid | Must file an application with county assessor |
It's important to note that some of these exemptions and deductions require an application to be filed with the county assessor's office. The amount of the exemption or deduction is based on the assessed value of the property or tuition paid. By taking advantage of these Homestead exemptions and deductions, Phelps County residents may be able to save money on their property taxes and other expenses.
When is Phelps County Property Tax due ?
Phelps County Property Tax is typically due on December 31st of each year. However, the tax bill is usually sent out in November to give property owners enough time to make payment arrangements.
There are several payment methods available for property owners in Phelps County. These include:
| Payment Method | Description |
|---|---|
| Online Payment | Property owners can pay their taxes online using a credit card |
| In-Person Payment | Property owners can make payments in person at the Phelps County Treasurer's Office |
| Mail-in Payment | Property owners can send their payment via mail to the Phelps County Treasurer's Office |
It's important to note that property owners must pay their taxes in full by the due date to avoid penalties and interest charges. Additionally, if a property owner is unable to pay their taxes in full by the due date, they may be able to set up a payment plan with the Phelps County Treasurer's Office.
In conclusion, Phelps County Property Tax is typically due on December 31st, and property owners have several payment methods available to them. It's important to pay the full amount by the due date to avoid penalties, and if necessary, payment plans may be available.
If you have more questions - contact your local tax collector.
How is Phelps County Property Tax penalty calculated ?
Phelps County Property Tax Penalty Calculation
Property owners in Phelps County, USA, are required to pay property taxes every year. Failure to pay property taxes on time could result in a penalty. The penalty is calculated based on the unpaid taxes, and the number of months that the taxes are overdue.
The penalty for late payment of property taxes in Phelps County is calculated as follows:
- 2% penalty for the first month past due
- An additional 0.5% penalty for each subsequent month past due
Here's an example to illustrate how the penalty is calculated:
Jane owns a house in Phelps County and her property taxes are due on January 1st. She fails to pay the property taxes until May 1st. Her property taxes for the year are $3,000.
- First month past due (February): 2% penalty = $60 (2% of $3,000)
- Second month past due (March): 0.5% penalty = $15 (0.5% of $3,000)
- Third month past due (April): 0.5% penalty = $15 (0.5% of $3,000) Total penalty = $90
Therefore, Jane would need to pay $3,090 ($3,000 + $90) to settle her property taxes and penalty.
It is important to pay property taxes on time to avoid penalties and to ensure that the local government can continue to provide necessary services to the community. If property owners have trouble paying property taxes on time, they can contact the Phelps County Treasurer's office to discuss payment options.
We recommend contacting the Phelps County Tax Office or a local tax professional for the most up-to-date and accurate information.