Example of Power County Property Tax Calculation
Power 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 the market value of the property multiplied by the assessment ratio of 100%.
For example, if a property's market value is $100,000, the assessed value would be $100,000 x 100% = $100,000.
Next, the tax rate is applied to the assessed value to determine the property tax owed. The tax rate is set by the county and other local taxing districts and is usually expressed in mills or dollars per thousand dollars of assessed value.
For instance, if the tax rate is 50 mills, the property tax owed would be $100,000 x 0.050 = $5,000.
It's essential to note that various local taxing districts, such as school districts or fire districts, may have their tax rates, which would increase the overall property tax owed.
In conclusion, property tax calculation in Power County depends on the assessed value of the property and the applicable tax rate set by the county and other local taxing districts.
If you want appeal your property tax assessment - contact your local tax assessor.
Power County Property Tax Rates
The Power County Property Tax rates can be found in the table below. All rates listed are per $100 of assessed property value.
| Tax Type | Rate Per $100 of Assessed Value |
|---|---|
| County General Fund | $0.61 |
| County Road & Bridge | $0.40 |
| County Indigent Services | $0.06 |
| County Justice Fund | $0.12 |
| County Jr. College | $0.28 |
| County School Fund | $1.03 |
| County Solid Waste Management | $0.10 |
| County Waterways | $0.02 |
| State School Fund | $0.55 |
Note: These rates are subject to change and do not include any additional local taxes that may apply. It is recommended that individuals consult with a tax professional for accurate and up-to-date information regarding their specific property tax obligations.
Who sets property tax rates in Power County ?
In Power County, property tax rates are set by the County Commissioners. This usually happens in the late summer or early fall of each year. The County Commissioners review the county's budget and determine how much tax revenue is needed to fund county services and programs. Based on this, they set the property tax rates for the coming year. Property tax rates are typically expressed as a percentage of the assessed value of the property. It's important to note that property tax rates can vary from year to year, depending on the needs of the county and other factors.
Homestead exemptions in Power County ?
To assist the residents of Power County, Idaho in understanding their Homestead exemptions and deductions, a table with columns for exemption, eligibility, amount, and notes has been created. The following information outlines all county-specific provisions.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Primary residence of a resident | Up to $100,000 of assessed value | Must file an application with the Assessor's office by April 15th of the year following the year in which the exemption is to be claimed. |
| Widow/Widower | Must be a widow/widower of a qualified veteran or first responder | Up to $1,500 of the taxable value | Applicant must provide documentation of their spouse's service and death to the Assessor's office. |
| Senior Citizen | Primary residence of a resident over 65 years old | Up to $50,000 of assessed value | Must file an application with the Assessor's office by April 15th of the year following the year in which the exemption is to be claimed. |
| Veteran | Resident must be a qualified veteran | Up to $1,500 of the taxable value | Applicant must provide documentation of their military service to the Assessor's office. |
| Disabled Veteran | Resident must be a qualified disabled veteran | Up to $7,000 of the taxable value | Applicant must provide documentation of their military service and disability rating to the Assessor's office. |
It's important to note that some exemptions may not be combined and certain qualifications must be met to receive the exemption or deduction. Residents should contact the Assessor's office for further information and to ensure eligibility.
When is Power County Property Tax due ?
Power County Property Tax is typically due on December 20th of each year. There are several payment methods available for taxpayers, including:
| Payment Method | Description |
|---|---|
| Online | Taxpayers can pay their property taxes online using a credit or debit card. |
| Payments can be mailed to the Power County Treasurer's Office. | |
| In-Person | Taxpayers can pay their property taxes in person at the Power County Treasurer's Office. |
| Drop Box | There is a drop box located outside of the Power County Treasurer's Office for after-hours payments. |
It is important to note that interest and penalties may be added to late payments, so taxpayers should make sure to pay on time to avoid any additional fees. If a taxpayer is unable to pay their property taxes in full by the due date, they may be eligible for a payment plan through the Power County Treasurer's Office.
If you have more questions - contact your local tax collector.
How is Power County Property Tax penalty calculated ?
Power County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, they may be subject to a penalty. In Power County, Idaho, the penalty is calculated based on the amount owed and the length of time the payment is overdue.
The penalty rate for delinquent property taxes in Power County is 2% per month or fraction of a month that the payment is overdue. This means that if a property owner owes $1,000 in property taxes and is 30 days overdue, they would be subject to a penalty of $20 (2% of $1,000 for one month).
Here's a breakdown of how the penalty is calculated:
| Days Overdue | Penalty Rate |
|---|---|
| 1-9 | 2.00% |
| 10-19 | 4.00% |
| 20-29 | 6.00% |
| 30-39 | 8.00% |
| 40-49 | 10.00% |
| 50+ | 12.00% |
For example, if a property owner owes $2,000 in property taxes and is 45 days overdue, the penalty would be calculated as follows:
- The first 30 days would be calculated at 2% per month, resulting in a penalty of $80 (2% of $2,000 for one month).
- The remaining 15 days would be calculated at 8% per month, resulting in a penalty of $240 (8% of $2,000 for one month).
- The total penalty for being 45 days overdue would be $320 ($80 + $240).
It's important for property owners in Power County to make their property tax payments on time to avoid penalties and additional fees. If you have any questions about your property tax bill, you can contact the Power County Treasurer's Office for assistance.
We recommend contacting the Power County Tax Office or a local tax professional for the most up-to-date and accurate information.