Example of Simpson County Property Tax Calculation
Simpson County property tax is calculated based on the assessed value of the property. The county assessor determines the value of the property by taking into account the property's location, size, and condition. Once the assessed value is determined, the county applies the tax rate to calculate the amount of property tax owed. The tax rate is usually set by the local government and can vary from year to year. To calculate the property tax, simply multiply the assessed value by the tax rate. For example, if the assessed value of a property in Simpson County is $100,000 and the tax rate is 2%, the property tax owed would be $2,000 (100,000 x 0.02). It's important to note that certain exemptions and deductions may apply, so it's always a good idea to consult with a tax professional or the county assessor's office for more information.
If you want appeal your property tax assessment - contact your local tax assessor.
Simpson County Property Tax Rates
The table below displays the property tax rates for Simpson County in US dollars per $100 of assessed value.
| Tax Type | Rate per $100 Assessed Value |
|---|---|
| County General | $2.50 |
| School District | $3.15 |
| Road and Bridge | $0.25 |
| Fire District | $0.30 |
| Solid Waste | $0.25 |
Note that these rates are subject to change and may vary based on individual circumstances. It is recommended that taxpayers consult with a qualified tax advisor for more specific and up-to-date information regarding their property taxes.
Who sets property tax rates in Simpson County ?
Property tax rates in Simpson County are determined by the local government, specifically the Simpson County Board of Supervisors. They have the authority to set the tax rates each year during their budgeting process.
The tax rates are typically set in the fall, before the start of the new fiscal year on October 1st. Once the rates are set, property owners in Simpson County are notified of their tax obligations. It's important to note that the rates can vary depending on the type of property and its assessed value.
Here's a quick summary of who and when sets property tax rates in Simpson County:
| Who | When |
|---|---|
| Simpson County Board of Supervisors | Fall, before the start of the new fiscal year on October 1st |
As a tax advisor, it's important to stay up-to-date on local tax regulations and to advise clients on their tax obligations in Simpson County.
Homestead exemptions in Simpson County ?
To help Simpson County residents navigate their Homestead exemptions and deductions, the following table includes all county specific information:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Must be primary residence as of Jan. 1st | $39,300 | Applied to assessed value of the property |
| Elderly or Disabled Homestead Exemption | Must be 65 or older or disabled | $39,300 or 50% of assessed value, whichever is less | Applied to assessed value of the property |
| Veteran's Exemption | Must have served during wartime and be a resident of Simpson County | $1,000 | Applied to assessed value of the property |
| Disability Exemption | Must be 100% disabled and own the property | $37,600 | Applied to assessed value of the property |
| Farmstead Exemption | Must qualify as a farm | $3,000 | Applied to assessed value of the property |
| Personal Property Exemption | N/A | $1,000 | Applies to personal property |
| Homestead Deduction | N/A | $200 | Applies to property taxes |
Notes:
- Applications for exemptions must be submitted by May 15th of the tax year.
- The amount listed for the Homestead Exemption is subject to change as it is based on the state's median assessed value.
- The Elderly or Disabled Homestead Exemption may be subject to income limitations.
When is Simpson County Property Tax due ?
Simpson County Property Tax Due Date and Payment Methods
As a property owner in Simpson County, you are required to pay property taxes annually. The due date for Simpson County property tax is typically on or before January 31st of each year. Failure to pay your property tax on time may result in penalties and interest charges.
To make the payment process easy for property owners, Simpson County offers several payment methods. These include:
| Payment Method | Details |
|---|---|
| Online Payment | Property owners can pay their taxes online through the Simpson County Tax Collector's website. The website accepts payments via credit card, debit card, or electronic check. A convenience fee is charged for online payments. |
| Property owners can mail their payment to the Simpson County Tax Collector's office. Payments must be postmarked by the due date to avoid penalties and interest charges. | |
| In-Person | Property owners can visit the Simpson County Tax Collector's office to make their payment in person. Payments can be made by cash, check, or money order. |
In summary, Simpson County property tax is typically due on or before January 31st of each year. Property owners have the option to make their payment online, by mail, or in person at the Simpson County Tax Collector's office.
If you have more questions - contact your local tax collector.
How is Simpson County Property Tax penalty calculated ?
How Simpson County Property Tax Penalty is Calculated
In Simpson County, property taxes are due on January 1st of each year and become delinquent if not paid by February 1st. When property taxes are not paid in full by the due date, a penalty fee is added to the unpaid balance. The penalty fee is calculated at a rate of 1.5% per month on the unpaid balance, up to a maximum of 18% per year.
Example:
Suppose a property owner in Simpson County owes $2,000 in property taxes for the year 2021. If they fail to pay the full amount by February 1st, they will incur a penalty fee starting from March 1st. The penalty fee for March will be calculated as follows:
Unpaid balance: $2,000 Penalty rate: 1.5% per month Penalty for March: $2,000 x 1.5% = $30
If the property owner still fails to pay the taxes and the penalty fee for March by April 1st, the penalty fee for April will be calculated as follows:
Unpaid balance: $2,030 (original amount + penalty for March) Penalty rate: 1.5% per month Penalty for April: $2,030 x 1.5% = $30.45
This process will continue each month until the taxes and penalties are paid in full, up to a maximum penalty fee of 18% per year.
It is important for property owners in Simpson County to make timely payments for their property taxes to avoid incurring additional penalty fees.
We recommend contacting the Simpson County Tax Office or a local tax professional for the most up-to-date and accurate information.