Example of Vermilion County Property Tax Calculation
Vermilion County calculates property tax based on the value of the property. To determine the taxable value of a property, the assessor's office considers several factors, such as the property's location, size, and type. Once the taxable value is determined, the county applies a tax rate to calculate the property tax owed.
For example, consider a residential property located in Vermilion County with a taxable value of $100,000. If the tax rate is 2%, the property tax owed would be $2,000 ($100,000 x 0.02).
It's important to note that property tax rates and calculations can vary depending on the county and state. Property owners can typically find their property's taxable value and tax rate on their local government's website or by contacting their county assessor's office.
If you want appeal your property tax assessment - contact your local tax assessor.
Vermilion County Property Tax Rates
The following table lists the Vermilion County Property Tax rates for the current year:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.792 |
| City of Danville | $1.091 |
| Village of Westville | $1.046 |
| Village of Catlin | $1.042 |
| Village of Tilton | $1.057 |
Note: These rates are subject to change in future years. It is recommended to consult with a local tax advisor for the most up-to-date information.
Who sets property tax rates in Vermilion County ?
In Vermilion County, property tax rates are set by the County Board. This Board is made up of elected officials who represent different areas of the county. The property tax rates are typically set during the annual budget process, which typically begins in the fall and ends in the winter. During this process, the Board reviews the county's finances and determines how much money is needed to fund county services and programs. Based on this assessment, they then set the property tax rates for the upcoming year. It's important to note that property tax rates can vary from year to year, depending on a variety of factors, such as changes in the county budget, changes in state laws, and changes in property values.
Homestead exemptions in Vermilion County ?
In Vermilion County, Illinois, there are several Homestead exemptions and deductions available for eligible residents. Below is a table of the various exemptions and deductions, along with their eligibility requirements, exemption amounts, and any important notes to keep in mind.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be owner-occupied | Up to $6,000 | Reduces taxable value of property |
| Senior Citizen Homestead Exemption | Must be 65 years or older and owner-occupied | Up to $5,000 | Reduces taxable value of property |
| Senior Freeze Homestead Exemption | Must be 65 years or older and meet income requirements | Property value is "frozen" for tax purposes | |
| Homestead Improvement Exemption | Must be owner-occupied and make improvements to property | Up to $25,000 or 25% of the improvement cost, whichever is less | Improvements must increase the property value by at least the amount of the exemption |
| Disabled Veterans' Homestead Exemption | Must be a qualified disabled veteran and owner-occupied | Up to $100,000 | Reduces taxable value of property |
| Returning Veterans' Homestead Exemption | Must be an Illinois resident who served in the military and recently returned home | Up to $5,000 | Reduces taxable value of property |
| Disabled Persons' Homestead Exemption | Must have a disability and be owner-occupied | Up to $2,000 | Reduces taxable value of property |
It's important to note that certain exemptions may not be used in conjunction with others, and eligibility requirements vary for each exemption. Make sure to carefully review the requirements and instructions for each exemption before applying.
When is Vermilion County Property Tax due ?
Vermilion County Property Tax is typically due on June 1st of each year. However, taxpayers have the option to pay their taxes in two installments. The first installment is due on June 1st and the second installment is due on September 1st.
There are several payment methods available for taxpayers. They can pay their property taxes online using a credit card or electronic check through the county's website. Taxpayers can also pay in person at the county's treasurer's office, by mail, or using the dropbox located outside the treasurer's office.
Here is a table summarizing the payment methods available:
| Payment Method | Description |
|---|---|
| Online | Pay using a credit card or electronic check through the county's website |
| In person | Pay in person at the county's treasurer's office |
| By mail | Send a check or money order to the treasurer's office |
| Drop box | Drop off a check or money order in the dropbox located outside the treasurer's office |
It is important to note that if property taxes are not paid by the due date, interest and penalties will be added to the amount owed. Therefore, taxpayers should make sure to pay their taxes on time to avoid any additional charges.
If you have more questions - contact your local tax collector.
How is Vermilion County Property Tax penalty calculated ?
When a property owner fails to pay their property tax on time, they may be subject to penalties in Vermilion County, Illinois. The penalty is calculated based on a percentage of the unpaid taxes and accrues monthly until the taxes are paid in full. Here is an example of how the penalty is calculated:
| Month | Unpaid Taxes | Penalty Rate | Penalty Amount |
|---|---|---|---|
| 1 | $1,000 | 1.5% | $15 |
| 2 | $1,015 | 1.5% | $15.23 |
| 3 | $1,030.23 | 1.5% | $15.45 |
| 4 | $1,045.68 | 1.5% | $15.69 |
In this example, the property owner has unpaid property taxes of $1,000. The penalty rate for Vermilion County property tax is 1.5% per month. After the first month, the penalty amount is calculated by multiplying the unpaid taxes by the penalty rate: $1,000 x 1.5% = $15. This amount is added to the unpaid taxes, bringing the total to $1,015. For the next month, the penalty is calculated based on the new total of $1,015: $1,015 x 1.5% = $15.23. This process continues for each month until the taxes are paid in full.
It's important for property owners to pay their property taxes on time to avoid accumulating penalties. The penalty rate for Vermilion County property tax may change from year to year, so it's always a good idea to check with the county government for the most up-to-date information.
We recommend contacting the Vermilion County Tax Office or a local tax professional for the most up-to-date and accurate information.