Example of Vermillion County Property Tax Calculation
Vermillion County calculates property tax based on the assessed value of a property. The assessed value is determined by the county assessor's office and takes into account factors such as the size and condition of the property. Once the assessed value is determined, the property tax rate is applied.
For example, if a property in Vermillion County has an assessed value of $100,000 and the property tax rate is 2%, the annual property tax would be $2,000. This means that the property owner would need to pay $2,000 each year in property taxes to the county.
It's important to note that property tax rates can vary depending on the location within Vermillion County and any special assessments or exemptions that may apply. It's always a good idea to check with the county assessor's office to get an accurate estimate of property tax for a specific property.
If you want appeal your property tax assessment - contact your local tax assessor.
Vermillion County Property Tax Rates
Here are the Vermillion County Property Tax rates as of 2021:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.89 |
| Township | $0.11 - $0.79 |
| School District | $0.93 - $1.86 |
| City/Village | $0.00 - $1.16 |
It's important to note that the exact rate for townships and cities/villages can vary depending on the specific location within Vermillion County. It's recommended to consult with a local tax professional for personalized and up-to-date information.
Who sets property tax rates in Vermillion County ?
Who sets property tax rates in Vermillion County?
The property tax rates in Vermillion County are set by the Vermillion County Board of Commissioners. The board is responsible for determining the tax rates each year during their annual budgeting process. They take into consideration factors such as the county's financial needs, property valuations, and projected revenue from other sources.
When are property tax rates set in Vermillion County?
The Vermillion County Board of Commissioners sets the property tax rates annually during their budgeting process, which typically takes place in the fall. The rates are then applied to property tax bills the following year, with due dates typically falling in the spring and fall. It is important for property owners in Vermillion County to stay informed about any changes to tax rates and due dates in order to ensure timely payment and avoid any penalties or fees.
Homestead exemptions in Vermillion County ?
To help Vermillion County residents better understand the Homestead exemptions and deductions available to them, the following table outlines key information for each:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Standard Homestead Deduction | Must be owner-occupant of property | Up to $45,000 in deductions from assessed value | Only applies to primary residence |
| Supplemental Homestead Deduction | Must be owner-occupant of property and over 65 years old or disabled | Up to $12,480 in deductions from assessed value | Only applies to primary residence |
| Mortgage Deduction | Must have mortgage on property | Up to $3,000 in deductions from assessed value | Only applies to primary residence |
| Over 65 Deduction | Must be over 65 years old | Up to $12,480 in deductions from assessed value | Only applies to primary residence |
| Disabled Veteran Deduction | Must be a disabled veteran | Up to $24,960 in deductions from assessed value | Only applies to primary residence |
| Disabled Person Deduction | Must be certified as disabled | Up to $12,480 in deductions from assessed value | Only applies to primary residence |
| Surviving Spouse Deduction | Must be surviving spouse of veteran or public safety officer killed in line of duty | Up to $12,480 in deductions from assessed value | Only applies to primary residence |
Note: To claim these exemptions and deductions, residents must file an application with the Vermillion County Auditor's Office by the designated deadline. It is recommended to contact the Auditor's Office directly for more information on eligibility and application requirements.
When is Vermillion County Property Tax due ?
Vermillion County Property Tax is typically due on November 10th each year. Property owners in the county can pay their taxes through several payment methods, including:
| Payment Method | Description |
|---|---|
| In Person | Payments can be made in person at the Treasurer's Office in the Vermillion County Courthouse during regular business hours. Cash, check, and credit cards are accepted. Please note that there is a convenience fee for credit card payments. |
| By Mail | Property owners can mail their payments to the Treasurer's Office at P.O. Box 368, Newport, IN 47966. Payments must be postmarked by November 10th to avoid penalties. |
| Online | Online payments can be made through the county's website, vermillioncounty.in.gov. Property owners can pay using their checking account or credit card. Please note that there is a convenience fee for credit card payments. |
It's important to note that if property owners fail to pay their property taxes on time, they may be subject to penalties and interest charges. Therefore, it's recommended that property owners make their payments on or before the due date to avoid these fees.
If you have more questions - contact your local tax collector.
How is Vermillion County Property Tax penalty calculated ?
When it comes to Vermillion County property taxes, it's important to understand how late payments and penalties are calculated. Here's what you need to know:
Late Payment Penalties
If you don't pay your property taxes on time, you can expect to incur penalties. The penalty rate is determined by the number of days late:
| Days Late | Penalty Rate |
|---|---|
| 1-30 | 5% |
| 31-60 | 10% |
| 61-90 | 15% |
| Over 90 | 20% |
For example, if your property taxes were due on May 1st and you didn't pay them until June 15th, you would be 45 days late. This means you would be charged a penalty of 10%. If your tax bill was $1,000, your penalty would be $100.
Interest on Late Payments
In addition to the late payment penalty, you will also be charged interest on any unpaid taxes. The interest rate is determined by the state of Indiana and is currently set at 10% per year.
Using the same example as before, if your tax bill was $1,000 and you paid it 45 days late with a 10% penalty, your total charge would be $100 for the penalty plus $16.44 for the interest. This would bring your total due to $1,116.44.
It's important to make sure you pay your Vermillion County property taxes on time to avoid these penalties and interest charges. If you have any questions about your tax bill or payment options, contact the Vermillion County Treasurer's office for assistance.
We recommend contacting the Vermillion County Tax Office or a local tax professional for the most up-to-date and accurate information.