Example of Wexford County Property Tax Calculation
Wexford County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county assessors evaluate the property and assign a taxable value that is equal to 50% of the property's market value.
Once the assessed value is determined, the county multiplies it by the local millage rate, which varies depending on the property's location and specific taxing jurisdiction. For example, if a property in Wexford County has an assessed value of $100,000 and the local millage rate is 20 mills, the property tax would be $2,000 (100,000 x 0.02).
It's important to note that Wexford County also offers various property tax exemptions and deferments for certain groups of individuals, such as senior citizens and disabled veterans. To apply for these exemptions or deferments, property owners can contact the Wexford County Treasurer's office.
If you want appeal your property tax assessment - contact your local tax assessor.
Wexford County Property Tax Rates
The Wexford County Property Tax rates for 2021 are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Fund | $0.4699 |
| Road | $0.6000 |
| 911 | $0.4500 |
| Fire | $0.5000 |
| Drain | Varies by District |
These rates are subject to change based on various factors, such as changes in property values and budget adjustments. It is important for property owners in Wexford County to stay informed about any updates to the property tax rates.
Who sets property tax rates in Wexford County ?
Property tax rates in Wexford County are set by the Wexford County Board of Commissioners annually. The tax rates are typically set in late summer or early fall, in advance of the county's fiscal year, which runs from January 1st to December 31st. The Board of Commissioners holds public meetings to discuss and determine the property tax rates based on the county's budgetary needs and other factors. Property owners in Wexford County can find out their specific property tax rate by contacting the County Treasurer's office or by searching online on the county's website.
Here's a summary of the information provided:
Property Tax Rates in Wexford County
- Who sets the property tax rates? The Wexford County Board of Commissioners
- When are the property tax rates set? Annually, in late summer or early fall
- What is the fiscal year for Wexford County? January 1st to December 31st
- How are property tax rates determined? Based on the county's budgetary needs and other factors
- How can property owners find out their specific property tax rate? By contacting the County Treasurer's office or searching online.
Homestead exemptions in Wexford County ?
To provide a comprehensive guide on Homestead exemptions and deductions in Wexford County, Michigan, the following table includes columns for exemption, eligibility, amount, and notes:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| Principal Residence Exemption (PRE) | Must own and occupy the property as a primary residence | Varies based on millage rate | Reduces property taxes on primary residence |
| Homestead Property Tax Credit | Must be a Michigan resident and own/rent a home in Michigan | Varies based on income and property tax amount | Provides a credit for property taxes paid on primary residence |
| Veteran's Exemption | Must be a veteran who was honorably discharged and owns and occupies the property as a primary residence | Varies based on percentage of disability | Provides a property tax exemption for disabled veterans |
| Senior Citizen Exemption | Must be 62 years of age or older and own and occupy the property as a primary residence | $50,000 | Reduces taxable value of property by up to $50,000 |
| Disabled Person Exemption | Must be totally and permanently disabled and own and occupy the property as a primary residence | $50,000 | Reduces taxable value of property by up to $50,000 |
| Blind Person Exemption | Must be legally blind and own and occupy the property as a primary residence | $18,000 | Reduces taxable value of property by up to $18,000 |
| Hardship Exemption | Must demonstrate financial hardship and inability to pay property taxes | Varies based on circumstances | Provides temporary or permanent property tax relief for qualifying individuals |
It's important to note that the eligibility requirements and amount of exemptions and deductions may vary based on individual circumstances, so it's recommended to consult with a tax professional for specific guidance. By utilizing these Homestead exemptions and deductions, homeowners in Wexford County can potentially save money on their property taxes.
When is Wexford County Property Tax due ?
Wexford County Property Tax is typically due on March 1st of each year. Property owners can make their payment using various methods, including:
| Payment Method | Description |
|---|---|
| Online | Property owners can pay their property tax online through the Wexford County Treasurer's website. |
| Property owners can send a check or money order by mail to the Wexford County Treasurer's office. | |
| In-Person | Property owners can also make their payment in-person by visiting the Wexford County Treasurer's office. |
It's important to note that if the due date falls on a weekend or a holiday, the deadline will be extended to the next business day. Additionally, property owners who are unable to pay their property tax by the due date may be subject to penalties and interest charges. Therefore, it's important to make timely payments to avoid any additional fees.
If you have more questions - contact your local tax collector.
How is Wexford County Property Tax penalty calculated ?
Wexford County property taxes are assessed annually on January 1st and must be paid in full by February 14th. Failure to pay the property taxes in full by the due date will result in penalty fees being added to the original amount owed. Here's how the penalty fees are calculated:
- March 1st: 3% penalty fee is added to the original amount owed
- April 1st: An additional 1.5% penalty fee is added to the amount owed (bringing the total penalty fee to 4.5%)
- May 1st: Another 1.5% penalty fee is added to the amount owed (bringing the total penalty fee to 6%)
- June 1st: An additional 1.5% penalty fee is added to the amount owed (bringing the total penalty fee to 7.5%)
For example, if the original property tax amount owed was $2,000 and was not paid by March 1st, a 3% penalty fee of $60 would be added to the original amount owed. If the property taxes were still not paid by April 1st, an additional 1.5% penalty fee of $30 would be added to the total amount owed (bringing the total penalty fee to $90). This process would continue until the property taxes were paid in full or until June 1st when the penalty fee reaches a maximum of 7.5%.
It's important to note that these penalty fees are in addition to the interest accrued on the unpaid property taxes. Therefore, it's crucial to pay property taxes on time to avoid unnecessary fees and charges.
We recommend contacting the Wexford County Tax Office or a local tax professional for the most up-to-date and accurate information.