Example of Pike County Property Tax Calculation
In Pike County, property tax is calculated based on the assessed value of a property. For example, if a property has an assessed value of $100,000 and the tax rate is 1%, then the property tax would be $1,000 per year.
To calculate the assessed value, the county assessor's office evaluates the property and determines its fair market value. They then apply the assessment rate, which is a percentage of the fair market value set by the state, to arrive at the assessed value.
It is important to note that property tax rates and assessment rates can vary depending on the location within Pike County and the type of property. Property owners should contact the county assessor's office for more information on their specific property tax calculation.
If you want appeal your property tax assessment - contact your local tax assessor.
Pike County Property Tax Rates
The table below presents the Pike County property tax rates in US dollars per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.46 |
| City | $0.62 |
| School District | $0.78 |
| Total | $1.86 |
Pike County property owners can use this information to estimate their property tax liability based on their property's assessed value. It is important to note that property assessments can vary based on factors such as location, property size, and property type. Property owners should consult with a tax professional for personalized tax advice.
Who sets property tax rates in Pike County ?
Who sets property tax rates in Pike County?
The Pike County Board of Commissioners is responsible for setting property tax rates in Pike County. The board meets annually to review the county's budget and determine the amount of revenue needed to fund government services such as schools, law enforcement, and public works.
When are property tax rates set in Pike County?
Property tax rates in Pike County are typically set in the fall, after the board has received input from the public and other stakeholders. Once the rates have been set, property owners in Pike County will receive their tax bills in the mail, which will include the assessed value of their property and the amount they owe in taxes based on the county's tax rate.
How are property tax rates determined in Pike County?
The property tax rates in Pike County are determined based on the county's overall budget requirements and the assessed value of property within the county. The county may also take into account any changes in property values, as well as any changes to state or federal funding levels. The goal is to set a rate that is fair and equitable for all property owners within the county.
| Who sets property tax rates? | Pike County Board of Commissioners |
|---|---|
| When are property tax rates set? | Typically in the fall |
| How are property tax rates determined? | Based on overall budget requirements and assessed property values |
Homestead exemptions in Pike County ?
To help our readers better understand the Homestead exemptions and deductions available in Pike County, Illinois, we have created a table with the relevant information. This table includes four columns: exemption, eligibility, amount, and notes. Here's what you need to know:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Primary residence, must be occupied by January 1st | Up to $6,000 off the assessed value of the property | Applications due by July 1st |
| Senior Homestead Exemption | Primary residence, at least 65 years old, must be occupied by January 1st | Up to $7,000 off the assessed value of the property | Applications due by July 1st |
| Senior Citizen Assessment Freeze | Primary residence, at least 65 years old, must meet income requirements | Assessment of the property frozen at the current level | Applications due by July 1st |
| Disabled Veterans Homestead Exemption | Primary residence, must have a service-related disability | Up to $100,000 off the assessed value of the property | Applications due by July 1st |
| Home Improvement Exemption | Primary residence, must have made improvements to the property | Up to $25,000 off the assessed value of the property for 4 years | Applications due by January 15th |
It's important to note that eligibility requirements and application deadlines can vary by county, so be sure to check with Pike County officials for specific information. Additionally, while these exemptions and deductions can provide significant savings for homeowners, it's always a good idea to consult with a tax professional to ensure you're taking advantage of all available options.
When is Pike County Property Tax due ?
Pike County Property Tax is typically due on October 15th each year. It's important to note that if the 15th falls on a weekend or holiday, the due date will be extended until the next business day.
There are several payment methods available for Pike County Property Tax, which are as follows:
| Payment Method | Description |
|---|---|
| Online Payment | Property tax payments can be made online using a credit or debit card. A convenience fee applies to online payments. |
| Payments can be mailed to the Pike County Treasurer's Office. A postmark on or before the due date is considered on time. | |
| In Person | Payments can also be made in person at the Pike County Treasurer's Office during regular business hours. Cash, check, or money order is accepted. |
| Drop Box | A drop box is available outside the Pike County Treasurer's Office for after-hours payments. Payments must be received by the due date to avoid penalties. |
It's important to pay property taxes on time to avoid penalties, interest charges, and potential foreclosure. Pike County residents should always plan ahead to ensure their payments are received on or before the due date.
If you have more questions - contact your local tax collector.
How is Pike County Property Tax penalty calculated ?
Pike County Property Tax Penalty Calculation
Pike County, like other counties in the United States, imposes penalties on property owners who fail to pay their property taxes on time. The penalty is calculated as a percentage of the unpaid taxes, and it accumulates monthly until the taxes are paid in full. Here's how it works:
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Penalty Rate The penalty rate for delinquent property taxes in Pike County is 1.5% per month, or 18% per year. The penalty starts to accrue on the first day of the month following the due date of the taxes.
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Example Let's say a property owner in Pike County owes $5,000 in property taxes for the year 2021, and the taxes are due on January 1, 2022. If the property owner fails to pay the taxes by February 1, 2022 (the first day of the month following the due date), the penalty will start to accrue.
The penalty for February would be $75 (1.5% of $5,000), bringing the total amount owed to $5,075. If the property owner still fails to pay by March 1, 2022, the penalty for March would be $76.13 (1.5% of $5,075), bringing the total amount owed to $5,151.13.
This process continues each month until the taxes are paid in full. It's important to note that interest also accrues on the unpaid taxes at a rate of 1% per month.
In summary, Pike County calculates property tax penalties as 1.5% of the unpaid taxes per month, starting on the first day of the month following the due date. The penalty continues to accumulate until the taxes are paid in full. Property owners should make sure to pay their property taxes on time to avoid penalties and interest charges.
We recommend contacting the Pike County Tax Office or a local tax professional for the most up-to-date and accurate information.