Example of Vigo County Property Tax Calculation
Vigo County Property Tax is calculated based on the assessed value of the property. The assessed value is determined by the Vigo County Assessor's office and is equal to 100% of the property's market value. The property tax rate for Vigo County is determined by the Vigo County Council and is expressed as a percentage of the assessed value.
To calculate the property tax for a property in Vigo County, simply multiply the assessed value by the property tax rate. For example, if the assessed value of a property is $100,000 and the property tax rate is 1%, the property tax would be $1,000 ($100,000 x 0.01).
It's important to note that there may be additional taxes and fees that vary depending on the location and type of property. These can include school district taxes, fire protection taxes, and stormwater fees.
If you have any questions or concerns about your Vigo County Property Tax, you can contact the Vigo County Treasurer's office for more information.
If you want appeal your property tax assessment - contact your local tax assessor.
Vigo County Property Tax Rates
The following table shows the current Vigo County Property Tax rates, stated in terms of the rate per $100 of assessed value:
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| Real Property | $2.02 |
| Personal Property | $2.58 |
| Tangible Property | $2.58 |
Please note that these rates may be subject to change, and property owners should consult with a tax advisor or local government official for the most current information.
Who sets property tax rates in Vigo County ?
Vigo County Property Tax Rates:
The property tax rates in Vigo County are set by the Vigo County Council. This is a local legislative body that has the authority to set tax rates for various forms of property including residential, commercial, and agricultural. The council is made up of elected officials who represent different areas in the county.
The council typically sets the property tax rates annually during budget hearings, which take place in the fall. The rates are based on the assessed value of the property, which is determined by the Vigo County Assessor's Office. Property owners receive a tax bill in the mail each year which indicates the amount of taxes owed based on the assessed value of their property.
It's important for property owners to stay informed about changes to property tax rates in their area. They can contact the Vigo County Council or the Vigo County Assessor's Office for more information. Additionally, property owners may be able to appeal their property tax assessment if they believe it is too high.
Homestead exemptions in Vigo County ?
In Vigo County, Indiana, there are several Homestead exemptions and deductions available for qualifying residents. Let's take a closer look at these exemptions and deductions in the following table:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Credit | Any homeowner who occupies their property as their primary residence | Varies based on assessed value of the property | Must apply by May 10th |
| Mortgage Deduction | Any homeowner with a mortgage on their primary residence | Up to $3,000 | Must provide proof of mortgage |
| Supplemental Deduction | Any homeowner who is over the age of 65, blind, or disabled | Up to $12,480 | Must provide proof of eligibility |
| Disabled Veteran Deduction | Any veteran who has a service-related disability rating of at least 10% | Up to $24,960 | Must provide proof of eligibility |
It's important to note that these exemptions and deductions are specific to Vigo County and may vary in other counties. Homeowners interested in applying for any of these benefits should contact the Vigo County Auditor's office for more information.
When is Vigo County Property Tax due ?
Vigo County Property Tax is typically due twice a year, on May 10th and November 10th. Property owners in Vigo County can pay their property taxes through multiple payment methods, including:
- Online payment using an e-check or credit card through the Treasurer's website.
- In-person payment at the Vigo County Treasurer's office located at 33 South 3rd Street, Terre Haute, IN 47807.
- Payment through the mail by sending a check or money order to the Vigo County Treasurer's office.
It is important to note that if property owners choose to pay their property taxes through the mail, they should make sure to send their payment well in advance of the due date to ensure timely delivery.
In summary, Vigo County Property Tax is due on May 10th and November 10th, and payment can be made online, in-person, or through the mail. Property owners should choose the payment method that is most convenient for them and make sure to pay their taxes on time to avoid any penalties.
If you have more questions - contact your local tax collector.
How is Vigo County Property Tax penalty calculated ?
Vigo County Property Tax Penalties Explained
When property taxes are not paid on time, penalties will be applied and added to the amount owed. In Vigo County, the penalty is calculated as a percentage of the unpaid taxes, and it increases over time.
Here is a breakdown of how penalties are calculated in Vigo County:
| Timeframe | Penalty Rate |
|---|---|
| First Installment Due | 5% |
| Second Installment Due | 5% |
| After May 10th | Additional 5% |
| After June 10th | Additional 5% |
| After July 10th | Additional 5% |
| After August 10th | Additional 5% |
For example, if a property owner owes $2,000 in property taxes for the year and does not pay by the May 10th deadline, they will incur an additional penalty of $100 (5% of $2,000). If they still don't pay by June 10th, another $100 penalty will be added (for a total of $200 in penalties). The penalties will continue to increase each month until the taxes are paid in full.
It's important to note that in addition to penalties, interest will also be charged on the unpaid taxes. The interest rate is currently set at 10% per year.
To avoid penalties and interest, property owners should make sure to pay their property taxes on time. If you have any questions about Vigo County property taxes or penalties, you can contact the Vigo County Treasurer's Office for assistance.
We recommend contacting the Vigo County Tax Office or a local tax professional for the most up-to-date and accurate information.