Example of Phillips County Property Tax Calculation
Phillips County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office and is equal to a percentage of the property's market value.
For example, if the market value of a property is $100,000 and the assessed value is 50%, then the assessed value would be $50,000.
The county then applies a tax rate to the assessed value to calculate the property tax. The tax rate varies depending on the location and the specific taxing districts that apply to the property.
For instance, if the tax rate for Phillips County is 1%, then the property tax would be $500 ($50,000 x 1%).
It's important to note that certain exemptions and deductions may apply to lower the assessed value and therefore the property tax owed. These may include homestead exemptions for primary residences or deductions for agricultural land.
Overall, the Phillips County property tax calculation is based on the assessed value of the property and the tax rate applied by the county and its taxing districts.
If you want appeal your property tax assessment - contact your local tax assessor.
Phillips County Property Tax Rates
The following table lists the property tax rates in Phillips County per 100$ of assessed value:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $2.50 |
| Personal Property | $2.50 |
| Manufactured Homes | $2.50 |
Note: The above rates are subject to change and may not include additional local taxes. For more detailed and up-to-date information, taxpayers are advised to consult with the Phillips County Tax Assessor's office.
Who sets property tax rates in Phillips County ?
Who sets property tax rates in Phillips County?
The Phillips County Assessor's Office is responsible for determining the value of all taxable property in the county. Once the property values have been assessed, the Phillips County Board of Commissioners sets the property tax rates.
When are property tax rates set in Phillips County?
Property tax rates are typically set annually, during a meeting of the Phillips County Board of Commissioners. The exact date of this meeting can vary from year to year, but it is usually held in the late summer or early fall. Property owners can expect to receive their tax bills shortly after the rates have been set.
It is important to note that property tax rates can be influenced by a number of factors, including changes in local tax laws, shifts in property values, and changes in the economic climate. Property owners should consult with a qualified tax advisor to fully understand how these factors may impact their property taxes.
Homestead exemptions in Phillips County ?
To assist Phillips County residents in understanding their Homestead exemptions and deductions, we have compiled a table with the relevant information. The table comprises four columns: exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Senior Homestead Exemption | Age 65 or older as of January 1 of the year the application is filed | Up to $1000 | Must be the primary residence of the applicant for at least 10 consecutive years. Maximum income limitation of $34,000. |
| Disabled Veteran's Exemption | Honorably discharged veteran with a service-connected disability | Varies | Must file an exemption application with the county assessor's office. The amount of exemption is based on the percentage of disability, ranging from $50,000 for a 100% service-connected disability to $5,000 for a 10% service-connected disability. |
| Exemption for Surviving Spouse | Surviving spouse of a service member killed in action | Varies | Must file an exemption application with the county assessor's office. The amount of exemption is based on the veteran's service and the cause of death. |
| Agricultural Land Classification | Agricultural property used for crops, livestock, or other purposes | Varies | Must file an application with the county assessor's office. The land must meet certain criteria, including the production of at least $1,500 in annual gross income from the property. |
| Renewable Energy Generation | Property equipped with renewable energy generators | Varies | Must file an exemption application with the county assessor's office. The exemption is based on the value added by the renewable energy generator(s) and is available for both residential and commercial properties. |
| Property Tax Deferral | Low-income seniors or disabled individuals with limited income | Varies | Must file an application with the county treasurer's office. The property tax deferral allows qualifying individuals to defer the payment of their property taxes until the property is sold, transferred or until the estate of the individual who qualified for the deferral is settled. Interest accrues on the deferred taxes at 5% per annum. |
These exemptions and deductions are available to eligible Phillips County residents. It is crucial to apply for these exemptions regularly to ensure the maximum benefits. Individuals should reach out to their county assessor's office to determine if they are eligible for any other exemptions or deductions.
When is Phillips County Property Tax due ?
In Phillips County, the property tax is typically due on March 1st of each year. However, if March 1st falls on a weekend or holiday, the due date will be extended to the next business day. It is important to note that failure to pay the property tax on time may result in penalties and interest charges.
There are several payment methods available for Phillips County property tax. The following table outlines the different options:
| Payment Method | Description |
|---|---|
| Online Payment | Property owners can pay their taxes online using a credit card, debit card, or e-check. To make an online payment, visit the Phillips County Treasurer's website. |
| Property owners can mail their payment to the Phillips County Treasurer's Office. The mailing address is listed on the tax bill. | |
| In-Person | Property owners can pay in-person at the Phillips County Treasurer's Office. The office is located at 600 Edison Street, Malta, MT 59538. Office hours are Monday-Friday from 8:00am-5:00pm. |
Overall, it is recommended that property owners pay their taxes on time to avoid penalties and interest charges. The Phillips County Treasurer's Office is available to answer any questions regarding property tax payments and payment methods.
If you have more questions - contact your local tax collector.
How is Phillips County Property Tax penalty calculated ?
Phillips County Property Tax Penalty Calculation
When a property owner in Phillips County fails to pay their property taxes by the due date, they become subject to penalties and interest charges. The penalty for late payment is calculated based on the amount of taxes owed and the number of days the payment is late.
Here's an example to help understand the calculation:
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John owns a property in Phillips County and owes $1,000 in property taxes.
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The due date for payment is February 1st, but John pays his taxes on March 15th, 45 days late.
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The penalty for late payment in Phillips County is 10% of the unpaid taxes plus interest at a rate of 1% per month.
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John's penalty for late payment would be calculated as follows:
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Late payment penalty = 10% of $1,000 = $100
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Interest for late payment = 1% per month x 2 months (February and March) = 2%
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Interest charged = 2% of $1,000 = $20
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Total penalty and interest = $100 + $20 = $120
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Therefore, John would be required to pay $1,120 in total instead of the original $1,000. It's important for property owners in Phillips County to pay their taxes on time to avoid these penalties and interest charges.
To summarize, the Phillips County Property Tax Penalty is calculated based on the following:
- 10% of the unpaid taxes
- 1% interest per month for every month that the payment is late
This formula applies to all property owners who fail to pay their taxes on time in Phillips County, and the penalties and interest charges will continue to accrue until the taxes are paid in full.
We recommend contacting the Phillips County Tax Office or a local tax professional for the most up-to-date and accurate information.