Example of Somervell County Property Tax Calculation
Somervell County Property Tax is calculated based on the assessed value of the property. The assessed value is determined by the county appraisal district, which considers factors such as the size and condition of the property.
To calculate property tax, the assessed value is multiplied by the county's tax rate. For example, if the assessed value of a property in Somervell County is $50,000 and the tax rate is 2.5%, the property tax would be $1,250.
It is important to note that some property owners may be eligible for exemptions or other tax relief programs, which can lower their property tax liability. These programs vary depending on the county and state, so it is recommended to contact the county appraisal district or a tax professional for more information.
If you want appeal your property tax assessment - contact your local tax assessor.
Somervell County Property Tax Rates
The Somervell County Property Tax rates for the current year are as follows:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.335 |
| County Debt Service | $0.095 |
| Glen Rose Independent School District | $1.247 |
| City of Glen Rose | $0.837 |
| Glen Rose Hospital District | $0.115 |
It is important to note that these rates may vary depending on the property's location and assessed value. Property owners in Somervell County should consult with a tax professional for advice on their specific tax situation.
Who sets property tax rates in Somervell County ?
In Somervell County, property tax rates are set by the local government. Specifically, the Somervell County Commissioners Court is responsible for establishing and approving the tax rate each year.
The tax rate is typically set in the summer months, specifically in August or September, to coincide with the county's budget process. The county considers a variety of factors when setting the tax rate, such as the cost of providing services like law enforcement and education, as well as any outstanding debt.
It's important to note that property tax rates can vary from year to year, and may also differ between different areas within the county. Property owners can find information about their specific tax rates by contacting the Somervell County Tax Assessor-Collector's Office.
Homestead exemptions in Somervell County ?
To help homeowners in Somervell County, Texas better understand the available Homestead exemptions and deductions, here is a table with four columns outlining the details for each category:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners who use their property as their primary residence | Up to $25,000 | Reduces the taxable value of the property |
| Over 65 or Disabled Person Exemption | Homeowners over the age of 65, or those with disabilities | Up to $10,000 | Applies in addition to the General Homestead Exemption |
| Optional Percentage Exemption | All homeowners | Up to 20% of the property's value | Can be elected in lieu of the General Homestead Exemption |
| Disabled Veteran Exemption | Veterans with service-connected disabilities | Up to $12,000 | Available for veterans with a disability rating of 10% or higher |
In addition to the above, Somervell County also offers the following deductions:
- $3,000 deduction for veterans
- $5,000 deduction for surviving spouses of veterans
It's important to note that some of these exemptions and deductions may require an application to be filed with the county assessor's office. Homeowners should check with their local office for specifics and deadlines.
By taking advantage of these Homestead exemptions and deductions, homeowners in Somervell County can potentially lower their property taxes and keep more money in their pockets.
When is Somervell County Property Tax due ?
Somervell County Property Tax is typically due on January 31st of each year. However, if the due date falls on a weekend or holiday, the deadline is extended to the next business day.
There are several payment methods available for Somervell County Property Tax. Property owners can pay their taxes:
- Online: Payments can be made online using a credit or debit card, e-check or ACH transfer through the Somervell County Tax Office website.
- By Mail: Payments can be made by mail, and must be postmarked by the January 31st deadline.
- In Person: Payments can be made in person at the Somervell County Tax Office during normal business hours.
It is important to note that failure to pay property taxes by the due date can result in penalties and interest charges. If a property owner is unable to pay their taxes in full by the deadline, they may be eligible for a payment plan.
Overall, Somervell County property owners have several convenient options for paying their property taxes on time to avoid additional fees and charges.
If you have more questions - contact your local tax collector.
How is Somervell County Property Tax penalty calculated ?
Somervell County Property Tax Penalty Calculation
The penalty for late payment of Somervell County property taxes is calculated as a percentage of the total amount due. The penalty begins to accrue on February 1st, the day after the taxes become delinquent.
Here is an example of how the penalty is calculated:
| Tax Amount Due | Penalty Amount | Total | ||
| Year | $10,000 | |||
| 2021 | Due January 31, 2022 | |||
| Late Payment | ||||
| February 1, 2022 | ||||
| 5% | $500 | $10,500 | ||
| Later Payment | ||||
| April 1, 2022 | 6% | $600 | $11,100 | |
| May 1, 2022 | 7% | $700 | $11,800 | |
| June 1, 2022 | 8% | $800 | $12,800 |
As shown in the table above, if the property taxes for the year 2021 amount to $10,000 and are not paid by the due date of January 31, 2022, a penalty of 5% or $500 will be added to the total amount due on February 1, 2022.
If the payment is made later in the year, the penalty increases at a rate of 1% per month, with a maximum penalty of 20%. For example, if the payment is made on April 1, 2022, the penalty will be 6% or $600, and the total amount due will be $11,100.
It is important to note that failure to pay the property taxes by July 1, 2022, will result in a lawsuit filed against the delinquent taxpayer to collect the amount due, plus interest and legal fees.
In conclusion, if you own a property in Somervell County, it is crucial to pay your property taxes on time to avoid incurring further penalties and legal action.
We recommend contacting the Somervell County Tax Office or a local tax professional for the most up-to-date and accurate information.