Example of Trumbull County Property Tax Calculation
Trumbull County calculates property taxes based on the assessed value of the property. The assessed value of a property is determined by the county auditor's office which takes into account the market value of the property, as well as any tax exemptions that may be applicable.
Once the assessed value of the property is determined, the county applies a tax rate to calculate the property tax owed. For example, if the assessed value of a property is $100,000 and the tax rate is 2%, the property tax owed would be $2,000.
Property taxes in Trumbull County are due twice a year, typically in January and July. Property owners can choose to pay their taxes in full or in two installments.
It is important to note that property tax rates and assessment values may vary depending on the location and type of property. Property owners can contact the Trumbull County auditor's office for more information about their specific property tax calculation.
If you want appeal your property tax assessment - contact your local tax assessor.
Trumbull County Property Tax Rates
The Trumbull County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $2.43 |
| School | $4.74 |
| Municipal | Varies by city/township |
Please note that the municipal tax rate varies depending on the city or township within Trumbull County. It is recommended to check with the local government or tax assessor's office for specific rates.
Who sets property tax rates in Trumbull County ?
Trumbull County property tax rates are set by the Trumbull County Board of Commissioners. They typically set the rates in December, which go into effect for the following tax year. The rates are determined based on the assessed value of the property and the needs of the county government. It is important for property owners to understand their tax rates and how they are calculated in order to properly plan and budget for their taxes.
Homestead exemptions in Trumbull County ?
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Homestead Exemptions and Deductions in Trumbull County, Ohio
If you are a homeowner in Trumbull County, Ohio, you may be eligible for various Homestead exemptions and deductions. These can help reduce your property tax obligations and make homeownership more affordable. Here are some of the county-specific exemptions and deductions you should know about:
| Exemption / Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Any homeowner who occupies their property as their primary residence on January 1st of the tax year | Up to $25,000 in property value exemption | This exemption applies to all property taxes, including school district taxes. |
| Senior Citizen Homestead Exemption | Any homeowner who is 65 years or older and who occupies their property as their primary residence on January 1st of the tax year | Up to $50,000 in property value exemption | This exemption applies to all property taxes, including school district taxes. |
| Disabled Veterans Homestead Exemption | Any homeowner who is a disabled veteran (or their surviving spouse) and who occupies their property as their primary residence on January 1st of the tax year | Up to $50,000 in property value exemption | This exemption applies to all property taxes, including school district taxes. |
| Homestead Property Tax Reduction | Any homeowner who is 65 years or older, or permanently and totally disabled, and whose adjusted gross income is $32,800 or less | Varies based on income level | This deduction reduces property taxes, including school district taxes. |
Note that these exemptions and deductions may have specific eligibility requirements, application deadlines, and other restrictions. Homeowners should consult with the Trumbull County Auditor's Office for more information on how to apply for these benefits.
By taking advantage of these Homestead exemptions and deductions, Trumbull County homeowners can potentially save hundreds or even thousands of dollars on their property taxes each year.
When is Trumbull County Property Tax due ?
Trumbull County Property Tax is typically due twice a year, on February 5th and July 15th.
Here are the payment methods available for Trumbull County Property Tax:
| Payment Method | Description |
|---|---|
| Online | Trumbull County residents can pay their property taxes online through the Auditor's website. |
| By Mail | Property owners can also mail their payments to the Trumbull County Treasurer's Office. Be sure to include the bill remittance slip and make sure the payment is postmarked by the due date. |
| In Person | Property owners can visit the Trumbull County Treasurer's Office to make their payment in person. Payment can be made by cash, check, or money order. |
It is important to note that failure to pay property taxes on time can result in penalties and interest charges. In addition, property owners who are unable to pay their property taxes may be eligible for a payment plan. Contact the Trumbull County Treasurer's Office for more information on payment plans or other questions related to property tax payments.
If you have more questions - contact your local tax collector.
How is Trumbull County Property Tax penalty calculated ?
Trumbull County calculates property tax penalty based on the amount of unpaid taxes and the length of time they remain unpaid. The penalty is added to the original amount owed and accrues daily until paid in full. The formula used to calculate the penalty is as follows:
Penalty = (Amount Owed x Penalty Rate x Number of Days Late) / 365
The penalty rate is set annually by the Ohio Department of Taxation and is subject to change. As of 2021, the penalty rate for property taxes in Ohio is 10% annually.
For example, if a property owner in Trumbull County owes $2,000 in property taxes and is 30 days late in making the payment, the penalty would be calculated as follows:
Penalty = ($2,000 x 0.10 x 30) / 365 Penalty = $16.44
Therefore, the total amount owed with penalties would be $2,016.44.
It is important to note that property owners can avoid penalties by paying their taxes on time or making arrangements with the county treasurer's office for a payment plan. Delinquent property taxes can also result in additional charges such as interest, legal fees, and foreclosure proceedings.
We recommend contacting the Trumbull County Tax Office or a local tax professional for the most up-to-date and accurate information.