Rockcastle County Property Tax Rates
The Rockcastle County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.765 |
| Personal Property | $0.555 |
Note that these rates are subject to change and individuals should consult with their local tax authority for the most current information.
Example of Rockcastle County Property Tax Calculation
Rockcastle County calculates property taxes by multiplying the assessed value of a property by the current tax rate. For example, if a property is assessed at $100,000 and the tax rate is 1%, the property taxes would be $1,000 per year.
To determine the assessed value of a property, the county tax assessor will consider a number of factors, including the property's location, size, age, and condition. The assessed value is typically lower than the property's market value, as it is based on a percentage of the property's actual value.
Property owners in Rockcastle County can expect to receive a property tax bill each year, based on the assessed value of their property and the current tax rate. Taxes are typically due in two installments, with the first payment due in the fall and the second payment due in the spring.
It is important for property owners to pay their property taxes on time, as failure to do so can result in late fees, interest charges, and even the possibility of foreclosure.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Rockcastle County ?
Property Tax Rates in Rockcastle County
Who sets the property tax rates?
The property tax rates in Rockcastle County are set by the Rockcastle County Fiscal Court. This court is composed of elected officials who make decisions regarding the county's finances, including the establishment of tax rates.
When are the property tax rates set?
The property tax rates in Rockcastle County are typically set annually, during the county's budget process. The budget process takes place in the summer and fall, with the new tax rates typically taking effect on January 1st of the following year.
It is important for property owners in Rockcastle County to pay close attention to the budget process and any changes in tax rates, as these rates can have a significant impact on their property taxes. Property owners may also be eligible for certain exemptions or credits that can help reduce their tax burden. It is recommended that they consult with a tax advisor or the county's tax assessor's office for more information.
When is Rockcastle County Property Tax due ?
Rockcastle County Property Tax is typically due on October 15th of each year. Property owners can choose from several payment methods, including:
| Payment Method | Details |
|---|---|
| In-person | Payments can be made in-person at the Rockcastle County Clerk's office located in the courthouse. |
| By mail | Payments can be mailed to the Rockcastle County Clerk's office at P.O. Box 309, Mount Vernon, KY 40456. |
| Online | Payments can be made online through the Rockcastle County Clerk's website. |
It's important to note that late payments are subject to penalties and interest charges. Therefore, property owners are encouraged to make their payments on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
Homestead exemptions in Rockcastle County ?
In Rockcastle County, Kentucky, there are a variety of Homestead exemptions and deductions available for eligible residents. Here is a breakdown of the different options along with their exemption, eligibility, amount, and any additional notes to keep in mind.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Any homeowner who uses their property as their primary residence | Up to $39,300 | Must apply by January 1st of the tax year |
| Disability Exemption | Homeowners who are permanently disabled or blind | Up to $37,600 | Must provide documentation of disability or blindness |
| Age Exemption | Homeowners who are 65 years old or older | Up to $37,600 | Must provide proof of age |
| Veterans Exemption | Veterans who were honorably discharged and their surviving spouses | Up to $37,600 | Must provide proof of military service |
It's important to note that these exemptions and deductions cannot be combined. Additionally, there may be income limitations or other requirements that must be met in order to be eligible for certain exemptions. It's recommended that residents consult with their local tax authority or a qualified tax professional to determine which exemptions and deductions they may be eligible for and how to apply for them.
Overall, Rockcastle County offers a variety of Homestead exemptions and deductions to help eligible homeowners save money on their property taxes. By taking advantage of these options, homeowners can potentially reduce their tax burden and keep more money in their pockets.
How is Rockcastle County Property Tax penalty calculated ?
Rockcastle County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time in Rockcastle County, Kentucky, they will incur a penalty fee. The penalty fee is calculated based on the delinquent tax amount and the number of days the payment is overdue.
The penalty fee is calculated as follows:
- Day 1-30: A 2% penalty fee is added to the delinquent tax amount.
- Day 31-60: An additional 3% penalty fee is added to the delinquent tax amount, making the total penalty fee 5%.
- Day 61-90: An additional 5% penalty fee is added to the delinquent tax amount, making the total penalty fee 10%.
- Day 91 and beyond: An additional 10% penalty fee is added to the delinquent tax amount, making the total penalty fee 20%.
Here is an example of how the penalty fee would be calculated:
Let's say a property owner in Rockcastle County owes $2,000 in property taxes. The payment was due on January 1, but the owner did not pay until April 1, which is 90 days late.
- Days 1-30: 2% penalty fee = $40
- Days 31-60: 3% penalty fee = $60
- Days 61-90: 5% penalty fee = $100
- Days 91 and beyond: 10% penalty fee = $200
The total penalty fee for the property owner would be $400, making the total tax payment due $2,400.
It is important to note that these penalties are in addition to any interest charges that may accrue on the delinquent tax amount. Property owners in Rockcastle County should make every effort to pay their property taxes on time to avoid these penalty fees.
We recommend contacting the Rockcastle County Tax Office or a local tax professional for the most up-to-date and accurate information.