Example of Wallace County Property Tax Calculation
Wallace County Property Tax calculation is based on the value of the property owned by the taxpayer. The county assesses the value of the property annually and then calculates the property tax based on this value.
For example, if the assessed value of a property in Wallace County is $100,000 and the property tax rate is 2%, the property tax owed would be $2,000. This means that the property owner would be required to pay $2,000 to the county each year as their property tax.
It's important to note that property taxes in Wallace County may vary depending on factors such as the size, location, and use of the property. Additionally, property owners may be eligible for certain exemptions or discounts on their property taxes, such as homestead exemptions for primary residences.
Overall, understanding how Wallace County Property Tax calculation works is an important aspect of homeownership in the county, and can help property owners plan and budget for their yearly property tax obligations.
If you want appeal your property tax assessment - contact your local tax assessor.
Wallace County Property Tax Rates
Here is a formatted table listing the Wallace County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $1.84 |
| County Road and Bridge Fund | $1.62 |
| County Library Fund | $0.36 |
| Local School District | $8.43 |
| Total | $12.25 |
These rates apply to all properties in Wallace County and are subject to change each year. It is important for property owners to stay informed of any changes in tax rates and to understand how they impact their overall property taxes. A tax advisor can provide guidance and assistance in managing property taxes and ensuring compliance with applicable laws and regulations.
Who sets property tax rates in Wallace County ?
Who sets property tax rates in Wallace County?
The property tax rates in Wallace County are set by the Wallace County Board of Commissioners. The Board of Commissioners is responsible for establishing the tax levies and rates for the county.
When are the property tax rates set in Wallace County?
The property tax rates in Wallace County are set on an annual basis. The Board of Commissioners typically sets the tax rates during their regular meetings in the fall, in order to ensure that the rates are in effect for the upcoming tax year.
How are property tax rates determined in Wallace County?
The property tax rates in Wallace County are determined by taking into account the total assessed value of all taxable property within the county, as well as the county's budget needs. The Board of Commissioners considers a variety of factors in setting the tax rates, including the cost of providing public services, the need for infrastructure improvements, and other factors that can impact the county's budget.
What is the current property tax rate in Wallace County?
The current property tax rate in Wallace County is 1.5% for residential properties and 2.5% for commercial properties. However, it is important to note that property tax rates can vary depending on a number of factors, including the location of the property, the age and condition of the property, and other factors that can impact the property's assessed value.
Homestead exemptions in Wallace County ?
In Wallace County, Kansas, residents can benefit from various Homestead exemptions and deductions. To ensure that you have all the information you need, here are the details of the exemptions and deductions available, including eligibility requirements, exemption amount, and any essential notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Primary residence | Up to $20,000 | Available to all homeowners on their primary residence |
| Homestead Property Tax Deferral | Senior citizens or disabled individuals | Deferred until property is sold | For those who meet the eligibility requirements, property taxes are deferred until the property is sold |
| Property Tax Relief for Low-Income Seniors | Senior citizens with an income below $19,000 | Up to $700 | Available to those who meet the eligibility requirements |
It's important to note that these exemptions and deductions are specific to Wallace County, Kansas. To take advantage of them, homeowners will need to apply and meet the eligibility criteria.
By utilizing these exemptions and deductions, homeowners in Wallace County can reduce their property tax burden and potentially save thousands of dollars each year.
When is Wallace County Property Tax due ?
Wallace County Property Tax typically is due on December 20th of every year. Property owners can pay their property taxes in a few different ways. Here are the most common payment methods:
| Payment Method | Description |
|---|---|
| Property owners can mail in their property tax payments to the Wallace County Treasurer's office. The address is: 313 Main Street, PO Box 247, Sharon Springs, KS 67758. The payment must be postmarked by the due date to avoid penalties and interest charges. | |
| In Person | Wallace County property owners can pay their property taxes in person at the Wallace County Treasurer's Office during regular business hours. The office is located at 313 Main Street, Sharon Springs, KS 67758. |
| Online | Property owners can also pay their property taxes online using the Kansas Department of Revenue's website. Property owners will need their property tax ID number and the amount due to make a payment online. |
It's important for property owners to pay their property taxes on time to avoid penalties and interest charges. If you have any questions about your property tax bill or payment options, contact the Wallace County Treasurer's office for assistance.
If you have more questions - contact your local tax collector.
How is Wallace County Property Tax penalty calculated ?
Wallace County calculates property tax penalties based on the amount of unpaid taxes and the time period in which they are paid. The penalty is a percentage of the unpaid taxes and can increase over time. Here is an example:
Assume that a property owner in Wallace County has a property tax bill of $2,000. If the owner fails to pay the bill on time, they will be assessed a penalty. Let's say the penalty is 1% of the unpaid taxes for the first month, and then increases by 1% each subsequent month.
If the owner pays the bill 30 days late, they will owe an additional $20 in penalties (1% of $2,000). If they pay 60 days late, they will owe an additional $40 (2% of $2,000). And if they pay 90 days late, they will owe an additional $60 (3% of $2,000) and so on.
It's important to note that these penalty rates and schedules can vary by state and locality, so it's always best to check with your local tax authority for specific information.
We recommend contacting the Wallace County Tax Office or a local tax professional for the most up-to-date and accurate information.