Example of Unicoi County Property Tax Calculation
Unicoi County calculates property taxes based on the assessed value of the property. The assessed value is determined by the county assessor's office and is based on the fair market value of the property. The tax rate for Unicoi County is currently $2.50 per $100 of assessed value.
To calculate the property tax for a home that has an assessed value of $100,000, you would first divide the assessed value by 100 to get the value in hundreds: $100,000 / 100 = $1,000.
Next, you would multiply the value in hundreds by the tax rate: $1,000 x $2.50 = $2,500. This means that the property tax for a home with an assessed value of $100,000 in Unicoi County would be $2,500 per year.
It's important to note that the assessed value of a property can change over time, which can affect the amount of property taxes owed. Additionally, there may be exemptions or deductions available that can lower the property tax bill. Property owners in Unicoi County should consult with their local tax assessor's office for more information on property tax calculations and any available exemptions or deductions.
If you want appeal your property tax assessment - contact your local tax assessor.
Unicoi County Property Tax Rates
The Unicoi County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.3424 |
| Unicoi County Schools | $2.5236 |
| Town of Erwin | $1.2000 |
| Town of Unicoi | $0.8484 |
Please note that these rates are subject to change and may vary depending on the specific property location and classification.
Who sets property tax rates in Unicoi County ?
Property tax rates in Unicoi County are set by the Unicoi County Board of Commissioners. This body meets annually to review and adjust property tax rates for the county. The tax rate is typically determined by calculating the value of all taxable property in the county, then dividing that value by the total amount of revenue needed to fund county operations. The resulting rate is applied to every property in the county, with the amount of tax due determined by the assessed value of each property. Homeowners and other property owners can expect to receive a tax bill each year reflecting the current property tax rate.
Homestead exemptions in Unicoi County ?
To help homeowners in Unicoi County, Tennessee, understand the various Homestead exemptions and deductions that they may qualify for, a table that includes all the county-specific information has been created. The table consists of four columns, namely Exemption, Eligibility, Amount, and Notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | All homeowners | $35,000 | Reduces the assessed value of a property by up to $35,000, resulting in lower property taxes |
| Elderly or Disabled Tax Relief | Homeowners aged 65 or older or those with qualifying disabilities | Varies based on income and property value | Reduces property taxes for eligible homeowners who meet certain income and value criteria |
| Veterans Exemption | Veterans who have served during wartime or for a certain number of days during peacetime | $1,000 | Reduces the assessed value of a property by up to $1,000 |
| Disabled Veterans Exemption | Veterans with a service-related disability rating of 30% or higher | 100% exemption on the first $175,000 of a property's assessed value | Provides a complete exemption on the first $175,000 of a property's assessed value for eligible disabled veterans |
| Disabled Persons Exemption | Homeowners with qualifying disabilities | Varies based on income and property value | Reduces property taxes for eligible homeowners who meet certain income and value criteria |
Note that the eligibility criteria, amounts, and notes for each exemption and deduction may change over time, and homeowners are encouraged to check with the local assessor's office for the most up-to-date information.
By taking advantage of these Homestead exemptions and deductions, homeowners in Unicoi County can reduce their property tax burden and keep more money in their pockets.
When is Unicoi County Property Tax due ?
Unicoi County Property Tax is typically due on October 31st of each year. Property owners can pay their taxes through various methods such as:
-
In person: Property owners can visit the Unicoi County Trustee's Office and pay their taxes in person using cash, check or money order.
-
Online: Property owners can pay their taxes online through the Unicoi County Trustee's website using a credit card, debit card or e-check.
-
By mail: Property owners can also mail their tax payments to the Unicoi County Trustee's Office with a check or money order.
It is important to note that failure to pay property taxes on time may result in penalties and interest charges. Property owners are encouraged to pay their taxes before the due date to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Unicoi County Property Tax penalty calculated ?
Unicoi County Property Tax Penalty Calculation
When a property owner fails to pay their property tax by the due date, Unicoi County imposes a penalty. The penalty is calculated based on the total amount of taxes owed and the number of days the payment is late.
To make this easier to understand, below is an example calculation:
| Total Amount of Taxes Owed | $2,000.00 |
|---|---|
| Due Date | February 28th |
| Date Paid | June 1st |
| Number of Days Late | 93 |
To calculate the penalty, Unicoi County uses the following formula:
Total Amount of Taxes Owed x Penalty Percentage x Number of Days Late
In this example, the penalty percentage is 1.5% per month, which is a daily rate of 0.05%. To calculate the penalty, we can plug in the numbers:
$2,000.00 x 0.05% x 93 = $9.30
Therefore, the property owner in this example would owe $2,009.30 in total, including the penalty.
It's important to note that this penalty is in addition to any interest that may accrue on the unpaid taxes.
Overall, property owners in Unicoi County should be aware of the potential penalties for late payment of property taxes and strive to pay on time to avoid them.
We recommend contacting the Unicoi County Tax Office or a local tax professional for the most up-to-date and accurate information.