Example of Ray County Property Tax Calculation
Ray County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county assessor will appraise the property and apply the appropriate assessment ratio.
For example, if a property has an assessed value of $100,000 and the tax rate for the area is 2%, the property tax owed would be $2,000.
It's important to note that property tax rates can vary depending on where the property is located within Ray County and can be subject to various exemptions or special assessments. Property owners can contact the Ray County Assessor's office for more detailed information on their specific property tax obligations.
If you want appeal your property tax assessment - contact your local tax assessor.
Ray County Property Tax Rates
Here is a formatted table listing the Ray County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.6100 |
| School District | $3.8621 |
| Fire Protection | $0.2500 |
| Municipal | $0.0000 |
| Special Road/Street | $0.3500 |
Please note that these rates are subject to change and may vary depending on the specific location and property. It is always recommended to consult with a tax professional for accurate and up-to-date information.
Who sets property tax rates in Ray County ?
Who and When Sets Property Tax Rates in Ray County?
In Ray County, property tax rates are set by the County Commission. This three-member commission meets regularly to discuss and set the tax rates for the county. The commission determines the appropriate rate based on the budget needs of the county, which may include funding for schools, infrastructure, and public safety.
The property tax rates are typically set once a year and apply to all property within the county. Property owners will receive a notice of their assessed value and the resulting tax bill. It is important to note that property tax rates may vary depending on the location and type of property.
As a tax advisor, it is essential to stay up-to-date on any changes to the property tax rates in Ray County. By doing so, you can provide your clients with accurate information and help them make informed financial decisions.
Homestead exemptions in Ray County ?
In Ray County, Missouri, taxpayers may be eligible for several different Homestead Exemptions and Deductions. Here are the details on each:
Homestead Exemptions
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner | $5,000 assessed value | Available to any homeowner who occupies their home as their primary residence. |
| Senior Citizen Homestead Exemption | Homeowner over 65 | $10,000 assessed value | In addition to the General Homestead Exemption, homeowners over 65 may qualify for this additional exemption. |
| Veterans' Homestead Exemption | Veteran or their spouse | $100,000 assessed value | Available to veterans who served during specific periods of conflict, as well as their surviving spouses. |
Homestead Deductions
| Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Preservation Credit | Homeowner with high property taxes | Varies | This credit is designed to help homeowners with high property taxes by reducing their overall tax burden. |
| Supplemental Homestead Credit | Homeowner with low income | Varies | This credit is available to homeowners with low incomes who may struggle to pay their property taxes. |
| Homestead Tax Credit | Homeowner with high taxes and low income | Varies | This credit is available to homeowners who meet both the high property tax and low income requirements. |
It's important to note that eligibility requirements and exemption/deduction amounts may vary depending on a taxpayer's specific circumstances. Taxpayers in Ray County should consult with a tax professional or the Ray County Assessor's Office for more information on their eligibility for these exemptions and deductions.
When is Ray County Property Tax due ?
According to the Ray County Collector's Office, property taxes are typically due on December 31st of each year. However, if the 31st falls on a weekend or holiday, taxes may be paid the following business day without penalty.
Payment methods for Ray County property taxes include:
- Online payments: Taxpayers can pay their property taxes online using a credit card or e-check through the Ray County Collector's website.
- In-person payments: Taxpayers can visit the Ray County Collector's Office during business hours to make a payment in person. The office is located at 100 W. Main St. in Richmond, MO.
- Mail-in payments: Taxpayers can also mail their property tax payments to the Ray County Collector's Office. The address is P.O. Box 115, Richmond, MO 64085.
It's important to note that late payments are subject to penalties and interest fees. Taxpayers who are unable to pay their property taxes in full by the due date may be eligible for a payment plan. They should contact the Ray County Collector's Office for more information.
If you have more questions - contact your local tax collector.
How is Ray County Property Tax penalty calculated ?
Ray County Property Tax Penalties are calculated based on the amount of taxes owed that are not paid by the due date. The penalties are added on a monthly basis at a rate of 1% of the unpaid amount. Below is an example of how the penalty is calculated:
| Scenario | Amount Owed | Due Date | Days Late | Penalty |
|---|---|---|---|---|
| Example 1 | $5,000 | December 31st | 30 days | $50 |
| Example 2 | $5,000 | December 31st | 90 days | $150 |
| Example 3 | $5,000 | December 31st | 180 days | $300 |
As shown in the table, if a property owner owes $5,000 in property taxes and misses the December 31st due date, they will be charged a penalty of $50 for the first month. If the taxes remain unpaid for an additional 60 days (90 days total late), the penalty will increase to $150. If they remain unpaid for a total of 180 days late, the penalty will be $300.
It is important to note that these penalties are in addition to any interest charges that may also be applied to the unpaid taxes. Property owners should make every effort to pay their property taxes on time to avoid any additional costs.
We recommend contacting the Ray County Tax Office or a local tax professional for the most up-to-date and accurate information.