Example of Racine County Property Tax Calculation
Racine County property tax calculation is based on the assessed value of the property, which is determined by the county assessor's office. The tax rate is then applied to the assessed value to calculate the property tax.
For example, if a property in Racine County has an assessed value of $200,000 and the tax rate is 2%, then the property tax would be $4,000 ($200,000 x 0.02). This tax amount may be paid in installments or in full depending on the property owner's preference.
It is important to note that property taxes in Racine County may vary depending on the specific location and any applicable tax exemptions or credits. Property owners can contact the Racine County Treasurer's Office for more information or to inquire about their property tax bill.
If you want appeal your property tax assessment - contact your local tax assessor.
Racine County Property Tax Rates
The table below lists the property tax rates in Racine County:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General County | $2.92 |
| Municipal | Varies by municipality |
| Technical College | $0.369 |
| School District | Varies by district |
| State | $1.76 |
It is important to note that the municipal and school district rates vary depending on the specific location within Racine County. Property owners should consult their local government for more information on their individual tax rates.
Who sets property tax rates in Racine County ?
Property tax rates in Racine County, USA are set by a combination of state and local entities. Here is a breakdown of who sets the property tax rates and when they do it:
| Entity | Role | Frequency |
|---|---|---|
| Wisconsin Department of Revenue | Determines the "equalized value" of each property in the state, which is used as the basis for property tax calculations. | Annually |
| Racine County Board of Supervisors | Determines the county's budget and sets the county's property tax rate based on the budget's needs. | Annually |
| Local municipalities | Determine their own budgets and set their own property tax rates based on their budget's needs. | Annually |
It's worth noting that property tax rates can fluctuate slightly from year to year, depending on changes in property values and budget needs. Property owners in Racine County can expect to receive their property tax bills in December of each year, with payment due in full by January 31st of the following year.
Homestead exemptions in Racine County ?
If you're a homeowner in Racine County, Wisconsin, you might be eligible for a variety of Homestead exemptions and deductions. Here's a breakdown of the exemptions and deductions available, along with some important notes to keep in mind:
Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | Up to $27,000 | Reduces your property's assessed value by the exemption amount |
| Veterans and Surviving Spouses Exemption | Veterans and surviving spouses of veterans | Up to $12,000 | Reduces your property's assessed value by the exemption amount |
| Disabled Veterans Exemption | Disabled veterans | Up to $50,000 | Reduces your property's assessed value by the exemption amount |
| Blind and Disabled Exemption | Blind or disabled homeowners | Up to $7,500 | Reduces your property's assessed value by the exemption amount |
| Agricultural Land Exemption | Farmers who use their land for agricultural purposes | Varies by property | Reduces the assessed value of qualifying agricultural land |
Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| School Tax Deduction | Homeowners with children attending school | Up to $700 | Reduces the property's assessed value by the deduction amount for school tax purposes |
| Municipal Tax Deduction | Homeowners who live in certain municipalities | Varies by municipality | Reduces the property's assessed value by the deduction amount for municipal tax purposes |
It's important to note that these exemptions and deductions are specific to Racine County in Wisconsin, and eligibility requirements and application processes may vary. Homeowners should consult with their local government or a qualified tax professional to determine which exemptions and deductions they are eligible for and how to apply for them.
When is Racine County Property Tax due ?
Racine County Property Tax is typically due on January 31st of each year. There are several payment methods available to residents, including:
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Online Payment: Residents can pay their property tax online using a credit or debit card, or by electronic check. This method is convenient and secure, and can be done from the comfort of their own home.
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Mail-in Payment: Residents can mail their property tax payment to the Racine County Treasurer's Office. The payment must be postmarked by January 31st to avoid any late fees.
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In-Person Payment: Residents can make their property tax payment in person at the Racine County Treasurer's Office. This method allows for residents to ask any questions they may have and get help with any issues they may be experiencing.
It is important to note that if the property tax payment is not received by the due date, late fees and interest may apply. Therefore, it is recommended that residents make their payment well in advance of the due date to ensure it is received on time.
If you have more questions - contact your local tax collector.
How is Racine County Property Tax penalty calculated ?
Racine County Property Tax Penalty Calculation
When a property owner in Racine County fails to pay their property taxes on time, they may be subject to penalties and interest charges. The penalty for late payment is calculated as a percentage of the unpaid balance and applied after a specific time has passed.
The following table shows the penalty rates for unpaid property taxes in Racine County:
| Time period | Penalty rate |
|---|---|
| After January 31st | 1% |
| After February 28th | 1.5% |
| After March 31st | 2% |
| After May 31st | 3% |
| After July 31st | 4% |
| After September 30th | 5% |
For example, if a property owner owes $5,000 in property taxes and fails to pay by February 28th, they will be subject to a penalty of 1.5%. This means they will owe an additional $75 in penalties.
It's important to note that interest will also be charged on the unpaid balance at a rate of 1% per month. This interest will be applied on top of any penalty charges.
In addition to penalties and interest, the property owner may also face the possibility of a tax lien on their property, which can negatively impact their credit and ability to sell the property in the future.
To avoid penalties and interest charges, property owners in Racine County should make sure to pay their property taxes on time or arrange for a payment plan if they are unable to pay in full.
We recommend contacting the Racine County Tax Office or a local tax professional for the most up-to-date and accurate information.