Example of Woodford County Property Tax Calculation
Woodford County Property Taxes are calculated based on the assessed value of a property. To calculate the property tax, first, the assessed value of the property is multiplied by the county's tax rate. For instance, suppose the assessed value of the property is $200,000, and the county tax rate is 1.5%. In that case, the calculation will be as follows:
$200,000 x 0.015 = $3,000
Hence, the property tax for a property assessed at $200,000 in Woodford County would be $3,000.
Keep in mind that the assessed value of a property might vary depending on various factors such as the condition and location of the property, and the assessment rates of the county. It is crucial to keep track of these changes to determine the accurate property tax amount.
Overall, by understanding the assessed value and the tax rate, one can easily calculate the property tax amount for any property in Woodford County.
If you want appeal your property tax assessment - contact your local tax assessor.
Woodford County Property Tax Rates
The Woodford County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.785 |
| School District | $0.689 |
| Fire District | $0.090 |
| Soil Conservation District | $0.012 |
| Health Department | $0.045 |
| Extension District | $0.013 |
These rates are subject to change annually and property owners should consult with their local tax authority for the most up-to-date information.
Who sets property tax rates in Woodford County ?
Who sets property tax rates in Woodford County?
The property tax rates in Woodford County are set by the County Board of Supervisors. The Board typically meets annually to review and set the tax rates for the upcoming year.
When are property tax rates set in Woodford County?
The County Board of Supervisors meets annually to set the property tax rates for the upcoming year. The exact date of the meeting may vary from year to year, but it is typically held in the fall or winter.
How are property tax rates determined in Woodford County?
Property tax rates in Woodford County are determined based on a number of factors, including the assessed value of the property, the tax rate set by the County Board of Supervisors, and any applicable exemptions or deductions. Property owners in Woodford County can view their property tax assessment online or contact the County's Assessor's Office for more information.
It is important to note that property tax rates can vary from year to year and can be affected by changes in local tax policy, economic conditions, and other factors. As a result, it is important for property owners in Woodford County to stay informed about changes in property tax rates and to consult with a tax advisor if necessary.
Homestead exemptions in Woodford County ?
In Woodford County, Illinois, there are several county-specific Homestead exemptions and deductions available to eligible individuals. Below is a table that outlines the different columns, including exemption name, eligibility criteria, maximum amount, and any additional notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homeowner Exemption | Must own and occupy the property as a primary residence on January 1st of the tax year | Up to $6,000 | Must file an application with the Assessor's office |
| Senior Homestead Exemption | Must be 65 years of age or older, own and occupy the property as a primary residence on January 1st of the tax year, and meet certain income requirements | Up to $5,000 | Must file an application with the Assessor's office |
| Senior Citizen Assessment Freeze | Must be 65 years of age or older and have a total household income of $65,000 or less | Tax assessment is frozen at the base year value | Must file an application with the Assessor's office |
| Disabled Veterans' Homestead Exemption | Must be a veteran with a service-connected disability, own and occupy the property as a primary residence on January 1st of the tax year | Up to $100,000 | Must file an application with the Assessor's office |
| Disabled Persons' Homestead Exemption | Must have a disability, own and occupy the property as a primary residence on January 1st of the tax year | Up to $2,000 | Must file an application with the Assessor's office |
It is important to note that these exemptions and deductions have specific eligibility requirements and must be applied for through the Assessor's office. If you meet the criteria for any of these exemptions, be sure to file an application to potentially reduce your property taxes.
When is Woodford County Property Tax due ?
Woodford County Property Tax is typically due on November 1st every year. The payment methods for Woodford County Property Tax include the following options:
| Payment Method | Description |
|---|---|
| Online | Payments can be made online using a credit card, debit card, or e-check through the Woodford County Treasurer's website. |
| Payments can be mailed to the Woodford County Treasurer's office. | |
| In-person | Payments can be made in-person at the Woodford County Treasurer's office during regular business hours. |
It is important to note that if payment is not received by the due date, late fees and penalties will apply. Additionally, if payment is not received within a certain timeframe, the property may become subject to a tax sale.
To avoid any issues, it is recommended that property owners make their Woodford County Property Tax payment on time using one of the available payment methods.
If you have more questions - contact your local tax collector.
How is Woodford County Property Tax penalty calculated ?
Woodford County Property Tax Penalty Calculation
When Woodford County property owners fail to pay their property taxes on time, they will be charged a penalty fee. The penalty fee is calculated based on the unpaid balance amount and the number of days past due. Here's an example to help you understand the calculation process:
Example:
Suppose a property owner owes $10,000 in property taxes for the tax year 2021. The due date for paying the taxes was January 1, 2022, but the owner failed to pay on time. The owner made the payment on April 1, 2022, which is 90 days past the due date.
To calculate the penalty fee, Woodford County uses a daily rate of 0.5% of the unpaid balance. Therefore, the penalty fee can be calculated as follows:
Unpaid balance = $10,000
Number of days past due = 90
Daily penalty rate = 0.5% of $10,000 = $50
Penalty fee = Unpaid balance x Number of days past due x Daily penalty rate
Penalty fee = $10,000 x 90 x $50 = $45,000
In this example, the penalty fee for late payment is $45,000. Therefore, the total amount due is $55,000 ($10,000 unpaid balance + $45,000 penalty fee).
It's important to note that the penalty fee increases as the number of days past due increases. Therefore, it's recommended to pay property taxes on time to avoid accruing additional penalty fees.
If you have any questions or concerns regarding Woodford County property taxes or penalty fees, it's best to contact the Woodford County Tax Assessor's Office for clarification.
We recommend contacting the Woodford County Tax Office or a local tax professional for the most up-to-date and accurate information.