Example of Tyrrell County Property Tax Calculation
Tyrrell County Property Tax is calculated by multiplying the assessed value of a property by the tax rate. For example, if a property is assessed at $100,000 and the tax rate is $0.50 per $100 of assessed value, the property tax would be $500.
To determine the assessed value of a property, Tyrrell County uses the market value of the property as determined by the county assessor. The assessor may take into account factors such as the size, age, and condition of the property, as well as any recent sales of similar properties in the area.
Once the assessed value is determined, the tax rate is applied to calculate the amount of property tax due. The tax rate is set by the Tyrrell County Board of Commissioners and may vary depending on the location and type of property.
Property owners in Tyrrell County can pay their property taxes online, by mail, or in person at the Tyrrell County Tax Office. Taxes are due on September 1st of each year, and late payments may incur penalties and interest.
Overall, calculating property taxes in Tyrrell County is a straightforward process based on the assessed value of the property and the current tax rate set by the county.
If you want appeal your property tax assessment - contact your local tax assessor.
Tyrrell County Property Tax Rates
The Tyrrell County Property Tax rates are as follows:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $0.60 |
| Personal Property | $1.30 |
| Registered Motor Vehicle | $0.60 |
| Unregistered Motor Vehicle | $1.30 |
Please note that these rates are subject to change and residents should contact the Tyrrell County Tax Office for the most up-to-date information.
Who sets property tax rates in Tyrrell County ?
In Tyrrell County, property tax rates are set by the Tyrrell County Board of Commissioners. This board meets annually to review and set the tax rates for the upcoming year. Property tax rates are based on the assessed value of the property in question, which is determined by the Tyrrell County Tax Department. Property owners in Tyrrell County can expect to receive their property tax bills in the mail in the fall, with payment due by January 5th of the following year. It is important for property owners to keep up with their tax payments, as failure to do so can result in penalties, interest, and even the loss of the property through foreclosure.
Homestead exemptions in Tyrrell County ?
In Tyrrell County, North Carolina, there are several Homestead exemptions and deductions available to eligible residents. Here is a breakdown of the exemptions and deductions, complete with their exemption type, eligibility requirements, available amount, and additional notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Elderly and Disabled Exclusion | Age 65 or older or totally and permanently disabled | Up to $25,000 of the appraised value of the property | Must provide proof of age or disability |
| Disabled Veteran Exclusion | Honorably discharged veteran with a permanent and total service-connected disability | Up to $45,000 or $90,000 depending on level of disability | Must provide proof of service and disability |
| Circuit Breaker Tax Deferment | Age 65 or older or totally and permanently disabled with income below $29,500 | Property tax payments deferred until sale or transfer of property | Must provide proof of income and age/disability |
| Agricultural, Horticultural, and Forest Land Use Value | Property used for commercial agricultural, horticultural or forestry purposes | Property taxed at a reduced value based on its current use | Must provide proof of commercial use |
| Disabled Veteran Business Property Tax Exemption | Honorably discharged veteran with a permanent and total service-connected disability owning a business | Up to $25,000 of the appraised value of the property | Must provide proof of service, disability, and business ownership |
It is important for eligible residents to take advantage of these exemptions and deductions in order to reduce their property tax burden. Proof of eligibility must be provided in order to receive these benefits.
When is Tyrrell County Property Tax due ?
Tyrrell County Property Tax is typically due every year on September 1st. Property owners in Tyrrell County are required to pay their property taxes on or before this date.
There are several payment methods available for property owners in Tyrrell County. These include:
- Online payments: Property owners can pay their property taxes online using the Tyrrell County online payment portal. This portal allows property owners to pay their taxes using a credit or debit card.
- Mail: Property owners can also mail a check or money order to the Tyrrell County Tax Collector's Office. The mailing address for payment is available on the county website.
- In-person: Property owners can make payments in person at the Tyrrell County Tax Collector's Office. This office is located at the Tyrrell County Courthouse at 405 Main St, Columbia, NC 27925.
It is important to note that late payments may result in penalties and interest charges. Therefore, it is recommended that property owners pay their taxes on or before the due date.
For more information about Tyrrell County Property Tax and payment methods, visit the county website or contact the Tyrrell County Tax Collector's Office.
If you have more questions - contact your local tax collector.
How is Tyrrell County Property Tax penalty calculated ?
Tyrrell County Property Tax Penalty Calculation
When a property owner fails to pay their property taxes on time, a penalty is assessed by the county. The penalty is calculated as a percentage of the unpaid tax amount, and it increases over time as the tax remains unpaid. Here is how the penalty is calculated in Tyrrell County:
| Type of Penalty | Calculation | Example |
|---|---|---|
| Initial Penalty | 2% of unpaid tax | Property tax due: $1,000 Unpaid after due date: $1,000 Initial penalty: $20 (2% of $1,000) |
| First Interest | 0.75% per month (9% annually) on unpaid tax+ penalty | Property tax due: $1,000 Unpaid after due date: $1,000 Initial penalty: $20 1 month later: $1,020 Interest: $7.65 (0.75% of $1,020) |
| Subsequent Interest | 0.75% per month (9% annually) on unpaid tax + penalty + previous interest amounts | Property tax due: $1,000 Unpaid after due date: $1,000 Initial penalty: $20 2 months later: $1,027.65 Interest: $15.48 (0.75% of $1,027.65) |
As you can see from the table, the penalty for unpaid property taxes in Tyrrell County starts at 2% of the unpaid tax amount and increases every month with an interest rate of 0.75%. It is important to pay property taxes on time to avoid any additional fees and penalties.
Note: The calculations provided above are only for illustrative purposes and may not reflect actual penalty and interest rates. Please consult your local tax office for accurate information.
We recommend contacting the Tyrrell County Tax Office or a local tax professional for the most up-to-date and accurate information.