Example of Transylvania County Property Tax Calculation
Transylvania County calculates property taxes based on the value of the property. To determine the property tax, the county assesses the value of the property and then applies a tax rate.
For example, if a home in Transylvania County has a taxable value of $100,000 and the tax rate is 0.615 cents per $100 of assessed value, the property tax would be calculated as follows:
Taxable value of property = $100,000 Tax rate = 0.615 cents per $100 of assessed value Tax calculation = $100,000 / 100 x 0.615 = $615
Therefore, the property tax for this home would be $615 per year. This amount may vary depending on the location and type of property, as well as any applicable exemptions or deductions.
If you want appeal your property tax assessment - contact your local tax assessor.
Transylvania County Property Tax Rates
The following table outlines the Transylvania County property tax rates per $100 of assessed value in US dollars:
| Tax | Rate per $100 Assessed Value |
|---|---|
| County | $0.4875 |
| City | $0.44 |
| Fire | $0.09 |
| Solid Waste | $0.055 |
| School | $0.605 |
It is important to note that these rates are subject to change and individuals should consult with a tax professional for more specific information regarding their property taxes in Transylvania County.
Who sets property tax rates in Transylvania County ?
Who sets property tax rates in Transylvania County?
The Transylvania County Board of Commissioners sets the property tax rates in Transylvania County. They are responsible for establishing the tax rate each year during the budget approval process.
When are property tax rates set in Transylvania County?
The property tax rates are set annually by the Board of Commissioners during the budget approval process. This typically occurs in late spring or early summer, with tax bills being mailed out in July.
How are property tax rates determined in Transylvania County?
The Transylvania County Board of Commissioners considers a variety of factors when determining the property tax rate, including:
- Budgetary needs of the county government
- Projected revenue from other sources (e.g. state funding)
- Changes in property valuations
- Public input and feedback
Once these factors have been taken into account, the Board of Commissioners will establish a tax rate that balances the needs of the county with the ability of taxpayers to pay.
Here is a table summarizing the property tax rates in Transylvania County for the past three years:
| Year | Property Tax Rate |
|---|---|
| 2019 | 0.636 cents |
| 2020 | 0.636 cents |
| 2021 | 0.635 cents |
It's worth noting that while the tax rate has remained relatively consistent in recent years, changes in property valuations can still result in changes to individual tax bills.
When is Transylvania County Property Tax due ?
Transylvania County Property Tax is typically due on September 1st of each year. However, if September 1st falls on a weekend or holiday, the due date will be the next business day.
There are several payment methods available for property owners in Transylvania County. Here are some options:
| Payment Method | Description |
|---|---|
| Pay Online | Property owners can pay their property taxes online using a credit card or e-check. There is a convenience fee associated with this payment method. |
| Pay by Mail | Property owners can mail a check or money order to the Transylvania County Tax Department. The mailing address is: PO Box 7467, Asheville, NC 28802 |
| Pay in Person | Property owners can pay their property taxes in person at the Transylvania County Tax Department located at 101 South Broad Street, Brevard, NC 28712. Cash, check, or credit card are accepted. |
It's important to note that if property taxes are not paid by January 5th of the following year, penalty and interest fees will be added to the balance due. Therefore, it's recommended that property owners pay their taxes before the due date to avoid additional costs.
If you have more questions - contact your local tax collector.
Homestead exemptions in Transylvania County ?
Transylvania County in North Carolina offers various Homestead exemptions and deductions that can help homeowners reduce their property tax bills. Here's a breakdown of these exemptions and deductions, along with their eligibility criteria, exemption amounts, and important notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly | Homeowners aged 65 and older | Up to $25,000 | Only applies to county and municipal taxes; Must meet income requirements; Must apply before the end of the year |
| Disabled | Homeowners with permanent disabilities | Up to $25,000 | Only applies to county and municipal taxes; Must meet income requirements; Must apply before the end of the year |
| Veterans | Veterans with disabilities | Up to $45,000 | Only applies to county and municipal taxes; Must have honorable discharge; Must meet income requirements; Must apply before June 1 |
| Circuit Break | Homeowners with limited income and assets | Varies based on income and assets | Only applies to county and municipal taxes; Must meet income and asset requirements; Must apply before the end of the year |
| Elderly/Disabled | Homeowners aged 65 and older or permanently disabled | Up to $20,000 | Only applies to county taxes; Must meet income requirements; Must apply before the end of the year |
It's important to note that these exemptions and deductions only apply to certain types of property taxes and have specific eligibility requirements. Homeowners should carefully review the criteria and application deadlines to ensure they take advantage of these opportunities to reduce their tax bills.
How is Transylvania County Property Tax penalty calculated ?
Transylvania County Property Tax Penalty Calculation
When property owners fail to pay their property taxes on time, Transylvania County imposes a penalty fee. The penalty fee is calculated as a percentage of the total amount owed and increases over time.
Here is an example of how the Transylvania County Property Tax Penalty is calculated:
- Property owner owes $1,000 in property taxes.
- The due date for payment is January 5th.
- If the owner fails to pay by the due date, a penalty fee of 2% is added to the total amount owed.
- If the owner still fails to pay by February 5th, an additional penalty fee of 3% is added to the total amount owed.
- If the owner still fails to pay by March 5th, an additional penalty fee of 4% is added to the total amount owed.
- If the owner still fails to pay by April 5th, an additional penalty fee of 5% is added to the total amount owed.
In total, if the property owner fails to pay by April 5th, the penalty fee will be 14% of the total amount owed ($1,000), which equals to $140.
It's important for property owners in Transylvania County to pay their property taxes on time to avoid penalty fees, which can become significant over time.
We recommend contacting the Transylvania County Tax Office or a local tax professional for the most up-to-date and accurate information.