Example of Price County Property Tax Calculation
Price County Property Tax calculation is based on the value of the property and the tax rate set by the local government. To determine the property tax, the county assesses the value of the property and applies the tax rate to that value. For instance, if a property is valued at $100,000 and the tax rate is 2%, then the property tax would be $2,000 per year.
To calculate the value of the property, the county may use various methods such as the comparison approach, income approach or cost approach. The comparison approach involves comparing the property to similar properties in the area that have recently sold. The income approach is used for commercial properties and is based on the amount of income the property generates. The cost approach involves estimating the cost of rebuilding the property from scratch.
Once the value of the property is determined, the tax rate is applied to that value. The tax rate can vary depending on the location of the property and the funding needs of the local government. In Price County, the tax rate for 2021 is 1.96% of the assessed value.
In summary, to calculate the Price County Property Tax, the county assesses the value of the property and applies the tax rate set by the local government. The tax rate for 2021 is 1.96% of the assessed value.
If you want appeal your property tax assessment - contact your local tax assessor.
Price County Property Tax Rates
The Price County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General County Tax | $2.55 |
| School Tax | $9.39 |
| Technical College Tax | $1.14 |
| Municipal Tax | Varies by municipality |
It is important to note that the Municipal Tax rate varies depending on the specific municipality in Price County. Therefore, it is recommended to consult with a local tax advisor for accurate information on the municipal tax rate. Overall, these tax rates are an important consideration for property owners in Price County.
Who sets property tax rates in Price County ?
Who sets property tax rates in Price County?
The Price County Board of Supervisors is responsible for setting property tax rates in Price County, Wisconsin.
When are property tax rates set in Price County?
The property tax rates in Price County are typically set in November during the annual budget process. The budget is then reviewed and approved by the County Board in December. Property owners can expect to receive their tax bills in early January.
Here is a summary in a table format:
| Responsibility | Entity |
|---|---|
| Setting property tax rates | Price County Board of Supervisors |
| Time of year for setting tax rates | November |
| Approval of budget | County Board in December |
| Tax bill distribution | Early January |
It is important to note that property tax rates can be affected by several factors, including changes in property values, state laws, and local economic conditions. Taxpayers should consult with a tax advisor or local government officials for specific information about property tax rates in their area.
Homestead exemptions in Price County ?
To help Price County, Wisconsin residents navigate homestead exemptions and deductions, the following table provides a breakdown of county-specific information:
Homestead Exemptions and Deductions in Price County
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied homes used as a primary residence | $25,000 | This exemption applies to all eligible homeowners in Price County |
| Veterans and Surviving Spouses Property Tax Credit | Military veterans or their surviving spouses | $1,000 | The veteran or surviving spouse must have been a resident of Wisconsin for at least 5 years and must have been honorably discharged |
| First Dollar Credit | Owner-occupied homes with a fair market value of $139,600 or less | Amount varies | The credit is based on the actual value of the property and decreases as the value increases |
| School Levy Tax Credit | Owner-occupied homes used as a primary residence | Amount varies | The credit amount is determined by the school district levy and the amount of state aid received |
| Farmland Preservation Credit | Owners of agricultural land used for farming purposes | Amount varies | The credit is based on a formula that takes into account the amount of eligible land and the tax rate for the district |
It's important to note that these exemptions and deductions may change from year to year, and eligibility requirements can vary. Homeowners should check with the Price County Treasurer's Office for the most up-to-date information and to determine their eligibility.
When is Price County Property Tax due ?
Price County Property Tax Due Date and Payment Methods
Property taxes in Price County are typically due on January 31st of each year. However, if the due date falls on a weekend or holiday, taxes are due on the next business day. Failure to pay property taxes on time may result in late payment penalties and interest charges.
There are several payment methods available for Price County property tax payments. These include:
- In-Person: Payments can be made in person at the Price County Treasurer's Office during regular business hours. The office is located at 126 Cherry Street, Phillips, WI 54555. Accepted forms of payment include cash, check, credit card, and money order.
- By Mail: Payments can be mailed to the Price County Treasurer's Office at P.O. Box 66, Phillips, WI 54555. Checks and money orders are accepted forms of payment. It's important to note that payments must be postmarked on or before the due date to avoid late payment penalties and interest charges.
- Online: Payments can also be made online through the Price County Treasurer's website. Accepted forms of payment include e-check, credit card, or debit card. A convenience fee is charged for online payments.
It's important to note that property taxes are based on the assessed value of a property and can fluctuate from year to year. Property owners should carefully review their tax bill each year and contact the Price County Treasurer's Office with any questions or concerns.
If you have more questions - contact your local tax collector.
How is Price County Property Tax penalty calculated ?
Price County Property Tax Penalty Calculation
Property taxes are necessary for the provision of public services and maintenance of local infrastructure. Failure to pay property taxes on time can lead to penalties and interest charges. This article explains how Price County calculates property tax penalties.
Penalty Calculation
Price County imposes a penalty of 1.5% per month on delinquent property tax payments. The penalty starts accruing on February 1st of each year and continues until the outstanding taxes are paid in full. The maximum penalty that can be charged is 18% of the unpaid taxes.
Example
Let's say John owns a property in Price County and his annual property tax bill is $10,000. He fails to make the payment by January 31st, the due date. On February 1st, he becomes delinquent and incurs a penalty of 1.5% per month. Here's how the penalty is calculated:
| Date | Amount Due | Penalty (% of Amount Due) | Penalty Amount | Total Due |
|---|---|---|---|---|
| Jan 31 | $10,000 | 0% | $0 | $10,000 |
| Feb 1 | $10,000 | 1.5% | $150 | $10,150 |
| Mar 1 | $10,000 | 3% | $300 | $10,450 |
| Apr 1 | $10,000 | 4.5% | $450 | $10,900 |
| May 1 | $10,000 | 6% | $600 | $11,500 |
| Jun 1 | $10,000 | 7.5% | $750 | $12,250 |
| Jul 1 | $10,000 | 9% | $900 | $13,150 |
| Aug 1 | $10,000 | 10.5% | $1,050 | $14,200 |
| Sep 1 | $10,000 | 12% | $1,200 | $15,400 |
| Oct 1 | $10,000 | 13.5% | $1,350 | $16,750 |
| Nov 1 | $10,000 | 15% | $1,500 | $18,250 |
| Dec 1 | $10,000 | 16.5% | $1,650 | $19,900 |
As shown in the table, John incurs a penalty of 1.5% for each month that he is delinquent. By the end of the year, his total bill has increased from $10,000 to $19,900 due to penalties and interest charges.
Conclusion
Price County's property tax penalty calculation is straightforward. Property owners are encouraged to pay their taxes on time to avoid incurring penalties and interest charges. In case of financial hardship, property owners can contact the Price County Treasurer's office to arrange for payment plans or other forms of assistance.
We recommend contacting the Price County Tax Office or a local tax professional for the most up-to-date and accurate information.