Example of Weakley County Property Tax Calculation
To calculate the property tax in Weakley County, the local tax assessor's office determines the assessed value of the property. This assessed value is based on the market value of the property and can be found on the county's property records.
Next, the tax rate is applied to the assessed value. The tax rate in Weakley County is currently $2.17 per $100 of assessed value. For example, if the assessed value of a property is $100,000, the property tax would be calculated as follows:
$100,000 / 100 = 1000 (taxable value)
1000 x 2.17 = $2,170 (property tax owed)
It's important to note that there may be additional fees or exemptions based on the type of property and the property owner's situation. Property taxes in Weakley County are due annually and can be paid online, by mail, or in person at the county tax collector's office.
If you want appeal your property tax assessment - contact your local tax assessor.
Weakley County Property Tax Rates
The following table lists the property tax rates for Weakley County, expressed as the rate per $100 of assessed value.
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $2.15 |
| Highway | $0.35 |
| Debt Service | $0.06 |
| Schools | $2.29 |
| Total | $4.85 |
It is important to note that these rates are subject to change and property owners should check with the local tax assessor's office for the most up-to-date information.
Who sets property tax rates in Weakley County ?
Property tax rates in Weakley County, Tennessee are set by the Weakley County Commission. This is typically done during their annual budget session, which takes place in late spring or early summer. The commission takes into consideration the county's budget needs and any other factors that may affect the tax rate, such as changes in property values, before setting the rate for the upcoming year. Property owners in Weakley County can expect to receive their property tax bills in the fall, with payment due by the end of February.
Homestead exemptions in Weakley County ?
To help Weakley County, Tennessee residents understand the various Homestead exemptions and deductions available to them, the following table outlines the exemptions, eligibility criteria, maximum amount and additional notes for each exemption.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Must be a homeowner residing in the home as of January 1st of the tax year | $27,000 | Applies to all property taxes |
| Disabled Veteran Exemption | Must be a disabled veteran with a disability rating of at least 30% from the Department of Veterans Affairs | $175,000 for those rated 100%, $100,000 for those rated 30-90% | May be applied to property taxes on the veteran's primary residence |
| Disabled Person Exemption | Must be a homeowner with a permanent disability | $27,000 | Applies to all property taxes |
| Elderly Exemption | Must be 65 years of age or older | $27,000 | Applies to all property taxes |
| Widow or Widower Exemption | Must be the surviving spouse of a deceased homeowner | $27,000 | Applies to all property taxes |
| Veteran's Widow or Widower Exemption | Must be the surviving spouse of a deceased veteran | $175,000 for those with a 100% service-connected disability rating, $100,000 for all others | May be applied to property taxes on the widow(er)'s primary residence |
It is important to note that the above exemptions may not be combined, and eligibility criteria may vary depending on individual circumstances. Additionally, residents should consult with the Weakley County Assessor's office for further information and to determine which exemptions they may be eligible for.
When is Weakley County Property Tax due ?
According to the Weakley County Trustee's office, property taxes are typically due on October 1st of each year. However, taxpayers have the option to pay their taxes in two installments: the first half is due by October 31st, and the second half is due by February 28th of the following year.
There are several payment methods available to taxpayers, including:
- In person: Payments can be made in person at the Weakley County Trustee's office during regular business hours.
- By mail: Payments can be mailed to the Weakley County Trustee's office using the pre-addressed envelope included with the tax bill.
- Online: Taxpayers can use the Weakley County Trustee's online payment portal to pay their taxes using a credit or debit card, or via electronic check.
It's important to note that payments made after the due date may be subject to late fees and penalties. Taxpayers who have questions about their property taxes or payment options should contact the Weakley County Trustee's office for assistance.
If you have more questions - contact your local tax collector.
How is Weakley County Property Tax penalty calculated ?
Property taxes are an important source of revenue for many counties in the United States. In Weakley County, Tennessee, property taxes are assessed on an annual basis, and homeowners are required to pay the tax by a specific deadline. If a homeowner fails to pay their property tax on time, a penalty will be added to the amount owed.
The penalty for late payment of Weakley County property taxes is calculated as a percentage of the total amount owed. The percentage varies depending on how late the payment is made. Here is a breakdown of the penalty percentages:
| Days Late | Penalty Percentage |
|---|---|
| 1-15 | 5% |
| 16-30 | 10% |
| 31-60 | 15% |
| Over 60 | 20% |
For example, let's say that John owns a home in Weakley County and his property tax bill for the year is $2,500. The deadline for payment is February 28th, but John forgets to pay until March 15th. Since he is 15 days late, he will be charged a penalty of 5% of the total amount owed, which is $125. This brings his total amount due to $2,625 ($2,500 + $125).
If John had waited until April 15th to pay, he would have been 46 days late and the penalty would have been 15%, or $375. In addition, interest would accrue on the total amount owed until it is paid in full. Therefore, it is important for homeowners in Weakley County to pay their property taxes on time to avoid unnecessary penalties and fees.
We recommend contacting the Weakley County Tax Office or a local tax professional for the most up-to-date and accurate information.