Stephenson County Property Tax Rates
Here is a formatted table of Stephenson County Property Tax rates (in US dollars) per 100$ of assessed value:
| Tax | Rate per 100$ of Assessed Value |
|---|---|
| County | 0.8000 |
| City of Freeport | 1.8364 |
| Village of Dakota | 1.0064 |
| Village of Lena | 1.7494 |
| Village of Pearl City | 1.2348 |
| Village of Rock City | 1.3882 |
| Village of Winslow | 1.4523 |
Note: These rates are subject to change and may not be up-to-date. It is recommended to consult with a tax professional for accurate information and advice.
Example of Stephenson County Property Tax Calculation
Stephenson County property tax is calculated based on the assessed value of the property. To determine the assessed value, the county assessor will look at several factors such as the size and condition of the property, the property's location, and any recent sales of similar properties in the area.
Once the assessed value is determined, the county will apply a tax rate to calculate the property tax owed. For example, if the assessed value of a property in Stephenson County is $100,000 and the tax rate is 1.5%, the property owner would owe $1,500 in property taxes for the year.
It is important to note that property taxes in Stephenson County may also include additional taxes for local services, such as schools and libraries, which can vary depending on the location of the property.
In summary, Stephenson County property taxes are calculated based on the assessed value of the property and the applicable tax rate. Property owners should be aware of any additional taxes for local services that may also be included in their property tax bill.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Stephenson County ?
In Stephenson County, property tax rates are set by the county government. This typically involves the County Board, which is made up of elected officials who meet regularly to make decisions on behalf of the county. The actual process of setting property tax rates can vary from year to year, but it typically involves a review of the county's budget, as well as an assessment of property values within the county. Once the County Board has reached a decision on the tax rate, it will be applied to all taxable properties within the county. The exact timing of this process can vary, but tax rates are typically set on an annual basis. It's worth noting that property tax rates can have a major impact on homeowners and businesses, so it's important to stay informed about changes to these rates and how they could affect your budget.
When is Stephenson County Property Tax due ?
Stephenson County Property Tax typically due on September 1st of each year. However, taxpayers are given two installments in which to pay their property taxes.
The first installment is due on June 1st and the second installment is due on September 1st. If the taxpayer chooses to pay the full amount of their property tax bill by June 1st, they will receive a discount of 1.5%.
If payment is not received by the due date, late fees and interest will be applied. Therefore, it is important for taxpayers to pay their property taxes on time.
There are several payment methods available for Stephenson County Property Tax. These include:
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Online payment through the Stephenson County Treasurer's website using a credit/debit card or electronic check.
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Mail in a check or money order to the Stephenson County Treasurer's Office.
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In-person payment by check or cash at the Stephenson County Treasurer's Office.
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Payment by phone using a credit/debit card or electronic check.
It is important to note that there may be processing fees associated with certain payment methods. Taxpayers should check with their individual payment provider for further information.
If you have more questions - contact your local tax collector.
Homestead exemptions in Stephenson County ?
To help Stephenson County residents navigate through their Homestead exemptions and deductions, we've compiled a table that includes all the relevant information in one place. Check it out below:
Homestead Exemptions and Deductions in Stephenson County, Illinois
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be the owner and occupant of the property as of January 1st of the assessment year | Up to $6,000 of the property's assessed value | |
| Senior Citizens Homestead Exemption | Must be at least 65 years old as of January 1st of the assessment year, and must be the owner and occupant of the property | Up to an additional $5,000 of the property's assessed value | |
| Senior Citizens Assessment Freeze Homestead Exemption | Must meet the same criteria as the Senior Citizens Homestead Exemption, and must have a total household income of $65,000 or less | Freezes the equalized assessed value at the level of the first year the exemption is received | |
| Disabled Veterans' Standard Homestead Exemption | Must be a veteran with a disability related to military service, and must be the owner and occupant of the property as of January 1st of the assessment year | Up to $70,000 of the property's assessed value | |
| Disabled Veterans' Homestead Exemption | Must meet the same criteria as the Disabled Veterans' Standard Homestead Exemption, and must have a disability rating of at least 30% | Up to an additional $2,500 of the property's assessed value | |
| Home Improvement Exemption | Property must have been improved within the last 4 years, and the improvement must have cost at least $5,000 | The increase in assessed value due to the improvement | The exemption lasts for 4 years |
| Returning Veterans' Homestead Exemption | Must be a veteran who has served at least one tour of duty, and must have returned from active duty within the last 2 years | Up to $5,000 of the property's assessed value |
It's important to note that each exemption and deduction has its own specific requirements and limitations. Residents of Stephenson County should consult with their local assessor's office to determine their eligibility and how to apply for these benefits.
By taking advantage of these Homestead exemptions and deductions, Stephenson County residents can potentially save thousands of dollars on their property taxes each year.
How is Stephenson County Property Tax penalty calculated ?
Stephenson County Property Tax Penalty Calculation
In Stephenson County, Illinois, property taxes are assessed annually and become due the following year. If the payment is not made on time, penalties will accrue on the unpaid balance. The penalty for late payment is calculated as a percentage of the unpaid taxes each month until the balance is paid in full.
Penalty Calculation Table:
| Month | Penalty Percentage |
|---|---|
| 1 | 1.5% |
| 2 | 3.0% |
| 3 | 4.5% |
| 4 | 6.0% |
| 5 | 7.5% |
| 6 | 9.0% |
For example, if a property owner owes $10,000 in property taxes and fails to make the payment by the due date, the penalty for the first month would be 1.5% of the unpaid balance, or $150. If the payment is still not made by the end of the second month, the penalty for that month would be 3.0% of the unpaid balance plus the penalty from the previous month, or $450 ($10,000 x 3.0% = $300 + $150 penalty from the previous month).
It is important for property owners in Stephenson County to pay their property taxes on time to avoid accruing penalties over time. The county offers various payment options, including online payment, automatic payment, and payment by mail, to make it easy for property owners to keep up with their tax obligations.
We recommend contacting the Stephenson County Tax Office or a local tax professional for the most up-to-date and accurate information.