Example of Piatt County Property Tax Calculation
In Piatt County, property tax calculation is based on the assessed value of the property owned. The county uses a tax rate of $1.50 per $100 of assessed value.
To calculate the property tax, one needs to determine the assessed value of the property. Let's say that the assessed value of a property is $100,000.
To determine the tax amount, first, divide the assessed value by 100. In this case, that would be 100,000/100, which equals 1,000. Then, multiply the result by the tax rate of $1.50.
Therefore, the property tax for this property would be $1,500 (1,000 x $1.50). This amount is what the property owner would be required to pay annually to Piatt County as property tax.
If you want appeal your property tax assessment - contact your local tax assessor.
Piatt County Property Tax Rates
Here is the list of Piatt County Property Tax rates in a formatted table:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Piatt County | $0.68 |
| Bement | $1.25 |
| Cerro Gordo | $1.06 |
| Cisco | $1.12 |
| DeLand | $1.17 |
| Hammond | $1.05 |
| Mansfield | $1.13 |
| Monticello | $1.16 |
| White Heath | $1.11 |
Please note that these rates are subject to change and may vary depending on the specific property and its assessed value. It is recommended that property owners consult with a tax professional for further information and guidance regarding their specific tax situation.
Who sets property tax rates in Piatt County ?
Property tax rates in Piatt County, USA are set by the Piatt County Board of Review. The rates are established once a year during a formal meeting held by the board. The board is responsible for assessing and equalizing property valuations in the county, as well as setting the tax rates that apply to those valuations.
The tax rates are calculated based on several factors, including the assessed value of the property, the type of property, and the location of the property within the county. The rates are then applied to the assessed value to determine the amount of tax that property owners are required to pay.
Property tax rates can vary from year to year, depending on changes in property valuations and other factors. Property owners in Piatt County can contact the Piatt County Board of Review for more information about current tax rates and how they are determined.
When is Piatt County Property Tax due ?
Piatt County Property Tax is typically due on June 1st of each year. However, taxpayers can choose to pay their property taxes in two installments, with the first half due on June 1st and the second half due on September 1st.
Payment methods for Piatt County Property Tax include:
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Online Payment: Taxpayers can pay their property taxes online through the Piatt County website. This method accepts Visa, Mastercard, Discover, and American Express.
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Mail-In Payment: Taxpayers can mail their property tax payments to the Piatt County Treasurer's office. Payments can be made by check or money order, and must be postmarked by the due date to avoid penalties.
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In-Person Payment: Taxpayers can also pay their property taxes in person at the Piatt County Treasurer's office. Payments can be made by cash, check, or money order.
It is important to note that late payments will be subject to penalties and interest charges. Taxpayers are advised to pay their property taxes on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
Homestead exemptions in Piatt County ?
To help homeowners in Piatt County, Illinois lower their property taxes, the county offers various Homestead exemptions and deductions. These tax breaks are designed to assist eligible applicants to reduce their property tax burden.
Below is a table with columns for exemption, eligibility, amount, and notes that outlines all county-specific Homestead exemptions and deductions in Piatt County:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | $6,000 | Must own the home as the primary residence |
| Senior Citizens Assessment Freeze Homestead Exemption | Homeowners aged 65 and older | Freeze on the assessed value of the property | Must apply annually |
| Senior Citizens Homestead Exemption | Homeowners aged 65 and older | $5,000 | Must own the home as the primary residence |
| Disabled Veterans Standard Homestead Exemption | Disabled veterans with a service-related disability of at least 50% | $2,500 | Must own the home as the primary residence |
| Disabled Veterans Exemption for Specially Adapted Housing | Veterans with a service-related disability of at least 50% | Exemption on property tax | Must own specially adapted housing due to the disability |
It is important to note that additional requirements and limitations may apply to each exemption and deduction. Applicants should review the specific eligibility criteria and requirements for each tax break they wish to apply for.
Overall, these Homestead exemptions and deductions in Piatt County can provide valuable tax relief for eligible homeowners.
How is Piatt County Property Tax penalty calculated ?
Piatt County Property Tax Penalty Calculation
Piatt County imposes penalties for late payment of property taxes. The penalty is calculated as a percentage of the unpaid tax amount, and it increases over time. Here's how it works:
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First Installment Penalty: If the first installment of property taxes is not paid by the due date, which is usually June 1st, a penalty of 1.5% will be added to the unpaid amount.
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Second Installment Penalty: If the second installment of property taxes is not paid by the due date, which is usually September 1st, a penalty of 1.5% will be added to the unpaid amount, plus any penalties from the first installment that are still outstanding.
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Additional Penalty: If taxes remain unpaid after October 1st, an additional penalty of 1.5% will be added to the unpaid amount, plus any penalties from previous installments that are still outstanding.
Here's an example of how the penalty is calculated for a property with an unpaid tax amount of $1,000:
| Installment | Penalty Rate | Penalty Amount |
|---|---|---|
| First | 1.5% | $15 |
| Second | 1.5% | $22.50 |
| Additional | 1.5% | $33.75 |
In this example, if the property owner fails to pay their property taxes on time, they would owe an additional $71.25 in penalties on top of the original $1,000 unpaid tax amount. It's important to note that if property taxes go unpaid for an extended period of time, the property can eventually be sold at a tax sale to pay off the outstanding balance.
We recommend contacting the Piatt County Tax Office or a local tax professional for the most up-to-date and accurate information.