Example of Shoshone County Property Tax Calculation
Shoshone County calculates property tax based on the assessed value of the properties. To determine the assessed value, the county assessor conducts an evaluation of each property, taking into consideration various factors like the property's location, size, and condition. Once the assessed value is determined, the county then applies the tax rate to calculate the property tax owed by the owner.
For example, if a property in Shoshone County has an assessed value of $100,000 and the tax rate is 1%, the property tax owed would be $1,000. The tax rate may vary depending on the location and type of property. The property tax collected by the county is then used for funding local services such as schools, roads, and public safety.
It's important to note that property taxes are due semi-annually, with the first installment due on December 20th and the second installment due on June 20th of the following year. Late payments incur penalties and interest.
Understanding how property taxes are calculated can help property owners in Shoshone County budget and plan accordingly.
If you want appeal your property tax assessment - contact your local tax assessor.
Shoshone County Property Tax Rates
The Shoshone County Property Tax rates per $100 of assessed value for the year 2021 are as follows:
| Tax Type | Rate per $100 Assessed Value |
|---|---|
| Countywide Tax | $12.70 |
| School District 393 Tax | $1.97 |
| School District 391 Tax | $2.20 |
| Wallace School District Tax | $2.73 |
| Mullan School District Tax | $3.95 |
These rates are subject to change each year and may vary depending on the property location and classification. It is recommended that taxpayers consult with a trusted tax advisor for specific information regarding their property tax obligations.
Who sets property tax rates in Shoshone County ?
Who sets property tax rates in Shoshone County?
The Shoshone County Board of County Commissioners sets property tax rates in Shoshone County. This is a three-member board that is responsible for making decisions related to county services, including setting tax rates.
When are property tax rates set in Shoshone County?
Property tax rates are typically set in the fall, after the county has assessed property values for the year. The board of county commissioners will hold public meetings to discuss the proposed tax rates and allow for public feedback before finalizing the rates.
| Who sets property tax rates? | When are property tax rates set? |
|---|---|
| Shoshone County Commissioners | Fall |
Homestead exemptions in Shoshone County ?
To create a comprehensive table of Homestead exemptions and deductions in Shoshone County, Idaho, the following columns should be included:
| Column | Description |
|---|---|
| Exemption | The type of exemption or deduction available for homeowners in Shoshone County |
| Eligibility | The qualifications or requirements that homeowners must meet in order to be eligible for the exemption or deduction |
| Amount | The dollar amount or percentage of property value that is exempted or deducted for each qualifying homeowner |
| Notes | Additional information or details about the exemption or deduction, such as limitations, deadlines, or application steps |
Here are some examples of county-specific Homestead exemptions and deductions that can be included in the table:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Property Tax Reduction for Veterans | Must be a veteran who is at least 10% disabled due to service-connected injuries, or the surviving spouse | Up to $1,320 per year | Application must be filed by April 15th of the year following the tax year |
| Circuit Breaker for Elderly and Disabled | Must be at least 65 years old, or disabled and receiving certain benefits | Maximum of $1,500 per year | Income limit applies |
| Agricultural Land Exemption | Must use the land primarily for agricultural purposes | Up to 100% of the value of the land and equipment | Application must be filed by April 15th of the assessment year |
| Homeowner's Exemption | Must be a resident of the property and use it as their primary residence | Up to $100,000 of the assessed value of the property | Applies to the first $100,000 of the assessed value only |
| Property Tax Reduction for Widows and Widowers | Must be a widow or widower who is at least 50 years old, and the deceased spouse qualified for exemption | Up to $1,320 per year | Application must be filed by April 15th of the year following the tax year |
It's important to note that the information provided is subject to change and may not be comprehensive. Homeowners in Shoshone County should consult with local authorities or a qualified tax professional for the most up-to-date and accurate information regarding Homestead exemptions and deductions.
When is Shoshone County Property Tax due ?
Shoshone County Property Tax is usually due on December 20th of each year. However, if December 20th falls on a weekend or holiday, the due date is moved to the next business day.
Here are the accepted payment methods for Shoshone County Property Tax:
| Payment Method | Accepted? |
|---|---|
| Online Payment | Yes |
| Mail-in Payment | Yes |
| In-Person Payment | Yes |
For online payments, taxpayers can visit the Shoshone County Treasurer's website and pay using a credit or debit card. For mail-in payments, taxpayers should make their check payable to the Shoshone County Treasurer and mail it to the following address:
Shoshone County Treasurer PO Box 1 Wallace, ID 83873
For in-person payments, taxpayers can visit the Shoshone County Treasurer's office in Wallace, Idaho, during business hours. Accepted forms of payment for in-person payments include cash, check, and credit/debit card.
It's important to note that failure to pay property taxes on time can result in interest and penalties being added to the amount due, so it's best to make payment by the due date to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Shoshone County Property Tax penalty calculated ?
Shoshone County Property Tax Penalty Calculation
When property taxes are not paid on time, penalties are imposed as a way to incentivize timely payment. In Shoshone County, Idaho, the penalty for late payment of property taxes is calculated based on the following formula:
Penalty = (1% x Total Tax Owed) + (1% x Assessed Value of Property)
For example, if a property owner owed $2,000 in property taxes and the assessed value of the property was $200,000, the penalty for late payment would be:
Penalty = (1% x $2,000) + (1% x $200,000) = $20 + $2,000 = $2,020
This means that the property owner would need to pay a total of $2,020 in order to satisfy their property tax obligations, including the penalty for late payment.
It is important to note that the penalty for late payment in Shoshone County can increase over time if taxes remain unpaid. After 90 days, the penalty increases to 2% of the total tax owed, and after 6 months, the penalty increases to 3%. Additionally, interest is charged on any unpaid taxes at a rate of 1% per month until the taxes are paid in full.
Property owners in Shoshone County should ensure that they pay their property taxes on time to avoid accumulating penalties and interest on their tax bill.
We recommend contacting the Shoshone County Tax Office or a local tax professional for the most up-to-date and accurate information.