Example of Tazewell County Property Tax Calculation
Tazewell County Property Tax calculations are determined by multiplying the assessed property value by the county tax rate. For example, if a property in Tazewell County has an assessed value of $100,000 and the county tax rate is 1%, the property tax would be $1,000 ($100,000 x 0.01). The county tax rate is determined by the local government and can vary from year to year. Tazewell County Property Tax payments are typically due twice a year, with the first installment due by June 1st and the second installment due by September 1st. It's important to note that property ownership and usage can also impact the property tax amount.
If you want appeal your property tax assessment - contact your local tax assessor.
Tazewell County Property Tax Rates
Here is the list of Tazewell County Property Tax rates for the current year in a formatted table:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Tazewell County | $0.71 |
| Mackinaw | $0.72 |
| Morton | $0.74 |
| Tremont | $0.78 |
| Pekin | $1.02 |
It should be noted that these rates are subject to change and may vary depending on the specifics of each property. As a tax advisor, it's important to stay up-to-date on any changes to tax rates in Tazewell County to provide accurate advice to clients.
Who sets property tax rates in Tazewell County ?
In Tazewell County, property tax rates are determined by the County Board. This happens annually during budget planning meetings which are open to the public. The County Board reviews the operating budget, capital improvement projects, and other expenses before setting the tax rate. The property tax rate is usually set in the late summer or early fall and property owners receive their tax bills in November.
Homestead exemptions in Tazewell County ?
To assist Tazewell County residents with accessing Homestead exemptions and deductions, a table has been compiled below. The table includes columns for exemption, eligibility, amount, and any additional notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied property | Up to $6,000 assessed value | Must file an application with the Tazewell County Chief County Assessment Office |
| Senior Citizen Homestead Exemption | Owner-occupied property by a taxpayer who is 65 years or older | Up to $8,000 assessed value | Must file an application with the Tazewell County Chief County Assessment Office |
| Senior Citizen Assessment Freeze Homestead Exemption | Owner-occupied property by a taxpayer who is 65 years or older and have a household income of $65,000 or less | Frozen equalized assessed value | Must file an application with the Tazewell County Chief County Assessment Office |
| Disabled Persons Homestead Exemption | Owner-occupied property by a taxpayer with a disability | Up to $2,000 assessed value | Must file an application with the Tazewell County Chief County Assessment Office |
| Disabled Veterans Standard Homestead Exemption | Owner-occupied property by a veteran with a service-related disability | Up to $100,000 assessed value | Must file an application with the Tazewell County Chief County Assessment Office |
| Disabled Veterans Homestead Exemption Improvement | Owner-occupied property by a veteran with a service-related disability | Up to $25,000 assessed value | Required to show proof of disability and must file an application with the Tazewell County Chief County Assessment Office |
It is important to note that these exemptions and deductions are subject to change and residents are encouraged to check with the Tazewell County Chief County Assessment Office for the most up-to-date information on eligibility and application procedures.
When is Tazewell County Property Tax due ?
Tazewell County Property Tax is typically due on June 28th of each year. Property owners in Tazewell County can pay their taxes using various payment methods, such as:
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In-person payment: Property owners can pay their taxes in person using cash, check, or money order at the Tazewell County Treasurer's Office located at 11 S 4th St, Pekin, IL 61554.
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Mail payment: Property owners can also mail their payment using a check or money order to the Tazewell County Treasurer's Office at the same address mentioned above.
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Online payment: Property owners can pay their taxes online using a credit or debit card or by e-check through the Tazewell County Treasurer's website.
It is important to note that property owners who fail to pay their property taxes on time may face penalties and interest charges. Therefore, it is recommended that property owners pay their taxes on or before the due date to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Tazewell County Property Tax penalty calculated ?
Tazewell County Property Tax Penalty Calculation:
When property taxes in Tazewell County go unpaid by the deadline, the county imposes penalties on the outstanding amount. The penalty for late payment is calculated as a percentage of the unpaid taxes.
The penalty for late payment is 1.5% per month, which is equivalent to 18% per year.
Here is an example of how the penalty is calculated in Tazewell County:
| Situation | Calculation |
|---|---|
| Original tax bill | $5,000 |
| Deadline for payment | November 1 |
| Payment made on | December 15 |
| Number of months late | 2 |
| Penalty rate | 1.5% per month |
| Penalty amount | $150/month x 2 months = $300 |
| Total amount due | $5,000 + $300 = $5,300 |
Therefore, in this example, the penalty for the late payment is $300, which increases the total amount due to $5,300.
It's important to note that the penalty will continue to accrue until the taxes are paid in full. It's in the best interest of the property owner to pay the taxes as soon as possible to avoid further penalty charges.
We recommend contacting the Tazewell County Tax Office or a local tax professional for the most up-to-date and accurate information.