Example of Russell County Property Tax Calculation
In Russell County, the property tax is calculated based on the assessed value of the property. The assessed value is determined by the county assessors who take into account various factors such as the location, size, and condition of the property. They then apply the current tax rate, which is set by the county government, to the assessed value to determine the amount of property tax owed.
For example, if a property in Russell County has an assessed value of $100,000 and the current tax rate is 2%, the property tax owed would be $2,000. This amount may be paid in installments or in a lump sum depending on the policies of the county government.
It is important to note that property tax rates and assessment processes may vary from county to county and state to state. It is always advisable to consult with local officials or tax professionals to ensure accurate information and compliance with tax laws.
If you want appeal your property tax assessment - contact your local tax assessor.
Russell County Property Tax Rates
Here is a formatted table of the Russell County Property Tax rates per 100$ of assessed value:
| Tax Type | Rate per 100$ of Assessed Value |
|---|---|
| Real Property Tax | $0.98 |
| Personal Property Tax | $2.50 |
| Machinery & Tools Tax | $2.00 |
| Mobile Homes Tax | $0.50 |
It is important to note that these rates are subject to change and residents are encouraged to consult with a tax professional for specific and updated information regarding their individual property taxes.
Who sets property tax rates in Russell County ?
The property tax rates in Russell County are set by the Board of Supervisors. They typically meet annually to review and approve the budget and set the tax rates for the upcoming year. The Board takes into consideration the assessed values of the properties and the revenue needed to maintain services and infrastructure in the county. Property owners should receive notification of their assessed value and tax rate in the mail. It is important for property owners to review their assessment and tax bill to ensure accuracy and to appeal if necessary.
Homestead exemptions in Russell County ?
To provide valuable information to homeowners in Russell County, Virginia, we have created a table with four columns, including all county-specific Homestead exemptions and deductions. Here are the details:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly or Disabled | 65 or older or permanently disabled | Up to $20,000 | Must have an annual income of $30,000 or less |
| Disabled Veteran | Must be a veteran with a service-connected disability | Up to $10,000 | Applies to primary residence only |
| Surviving Spouse | Must be the surviving spouse of a deceased veteran or service member | Up to $10,000 | Applies to primary residence only |
| Agricultural | Property used for agricultural purposes | Up to 75% | Must meet specific qualifications |
| Historical | Property listed on the National Register of Historic Places | Up to 50% | Must be approved by the Virginia Landmarks Register |
Note that the amounts listed for exemptions may vary depending on the individual's circumstances and the value of the property. To claim any of these exemptions, homeowners should contact the Russell County Commissioner of the Revenue's office for more information.
We hope this information is helpful to homeowners in Russell County who may be eligible for these valuable exemptions and deductions.
When is Russell County Property Tax due ?
Russell County Property Tax typically has two payment deadlines:
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First half of tax due: The first half of property tax is due on December 20th of each year.
-
Second half of tax due: The second half of property tax is due on May 10th of the following year.
Russell County offers several payment options for convenient payment of property tax:
| Payment Method | Details |
|---|---|
| Online payment | Property tax payment can be made online using credit/debit cards, e-check, or ACH payment. Visit the Russell County website to use this payment method. |
| By mail | Property tax payment can be made by mail in the form of a check or money order. Mail the payment to: Russell County Treasurer, P.O. Box 549, Russell, KS 67665. |
| In person | Property tax payment can be made in person at the Russell County Treasurer's office located at 401 N. Main St., Russell, KS 67665. Cash, check, or money order are accepted. |
It is important to note that failure to pay property tax by the due date can result in penalties and interest. Therefore, it is recommended to pay property tax on time to avoid additional charges.
If you have more questions - contact your local tax collector.
How is Russell County Property Tax penalty calculated ?
Russell County Property Tax Penalty Calculation:
When a property owner fails to pay their property taxes on or before the due date, they will be subject to a penalty fee. The penalty fee is calculated based on the amount of taxes owed and the number of days the payment is late.
The penalty fee is calculated as follows:
- For the first month past the due date, the penalty is 5% of the unpaid taxes.
- For each additional month after the first month, an additional penalty of 1% of the unpaid taxes is added.
Example:
Let's say a property owner owes $5,000 in property taxes in Russell County and fails to pay by the due date of January 31st.
- If they pay on February 1st, the penalty fee would be 5% of $5,000, which is $250.
- If they pay on March 1st, the penalty fee would be 6% of $5,000, which is $300.
- If they pay on April 1st, the penalty fee would be 7% of $5,000, which is $350.
It is important to note that the penalty fee is in addition to the original tax amount owed and interest charges may also apply if the payment is further delayed.
To avoid penalty fees, property owners should make sure to pay their property taxes on or before the due date.
We recommend contacting the Russell County Tax Office or a local tax professional for the most up-to-date and accurate information.