Example of Yalobusha County Property Tax Calculation
The Yalobusha County Property Tax is calculated by multiplying the assessed value of a property by the tax rate. For example, if a property is assessed at $100,000 and the tax rate is 1.5%, the property tax would be $1,500.
To determine the assessed value of a property, the county uses the market value of the property and applies a percentage set by the Mississippi State Legislature. The current percentage is set at 10%. Using this percentage, a property assessed at $100,000 has a market value of $1,000,000.
It is important to note that the tax rate can vary depending on the location and the purpose of the property. For instance, the tax rate for residential properties may be different from commercial properties. Additionally, some areas may have additional taxes or fees, such as school district taxes or fire department fees, that are added to the property tax.
Property owners in Yalobusha County are responsible for paying their property taxes by the due date to avoid any penalties or interest charges. The due date for property taxes is typically in January of each year, but it may change depending on the county's tax schedule.
If you want appeal your property tax assessment - contact your local tax assessor.
Yalobusha County Property Tax Rates
Here is a list of Yalobusha County Property Tax rates in a formatted table:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General | $0.77 |
| County School | $1.32 |
| City of Water Valley General | $1.00 |
| City of Coffeeville General | $1.21 |
| City of Oakland General | $0.99 |
| Northwest Water Management District | $0.05 |
| Public Schools | $2.00 |
Please note that these rates are subject to change and may vary depending on the specific property location and assessment. It is recommended that individuals consult with a local tax professional for more accurate and up-to-date information.
Who sets property tax rates in Yalobusha County ?
Property Tax in Yalobusha County
In Yalobusha County, the property tax rates are set by the County Board of Supervisors. The county assesses a property tax on real estate, personal property, and motor vehicles. The tax is levied annually on January 1st and is due on February 1st of each year.
Here are some key points about property tax in Yalobusha County:
Who sets the property tax rates?
The property tax rates in Yalobusha County are set by the County Board of Supervisors. The board is composed of five elected officials who are responsible for managing the county's finances and setting the tax rates.
When are property taxes due?
Property taxes in Yalobusha County are due on February 1st of each year. If the tax is not paid by that date, penalties and interest will accrue.
How is the property tax calculated?
The property tax in Yalobusha County is calculated based on the assessed value of the property. The assessment is done by the county assessor's office and is based on the fair market value of the property.
What exemptions are available?
There are several exemptions available to property owners in Yalobusha County. These include exemptions for senior citizens, disabled veterans, and homestead exemptions for primary residences.
Conclusion
Understanding property tax in Yalobusha County is an important part of being a property owner. By knowing who sets the tax rates, when the taxes are due, and how they are calculated, property owners can better manage their finances and plan for the future.
Homestead exemptions in Yalobusha County ?
To provide transparency and clarity to Yalobusha County residents regarding their Homestead exemptions and deductions, the following table outlines all the county-specific information.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Primary residence of the homeowner | $75,000 assessed value or 20% of the total assessed value, whichever is less | Must be filed by April 1st |
| Elderly or Disabled Exemption | Primary residence of the homeowner who is 65 or older or disabled | $7,500 assessed value | Must provide proof of age or disability |
| Additional Exemption for Veterans | Primary residence of a veteran who was honorably discharged and has a service-connected disability | $7,500 assessed value | Must provide proof of honorable discharge and service-connected disability |
It's important to note that these exemptions are only available on the individual's primary residence and must be applied for by April 1st of the current year. Homeowners must provide proof of eligibility, such as age or disability documentation, to receive the appropriate exemption. Veterans must also provide proof of honorable discharge and a service-connected disability.
By providing this information, Yalobusha County residents can better understand their Homestead exemptions and deductions and make informed decisions about their property taxes.
When is Yalobusha County Property Tax due ?
Yalobusha County Property Tax is typically due on February 1st of each year. Property owners should ensure that their payments are postmarked on or before that date to avoid penalties and interest charges.
There are several payment methods available to property owners:
-
Online Payment: Property owners can pay their property tax bill online using the Yalobusha County Tax Assessor's website. Payments can be made using a credit or debit card, or through an electronic check.
-
Mail-In Payment: Property owners can also mail their property tax payments to the Yalobusha County Tax Assessor's Office. The mailing address is:
Yalobusha County Tax Assessor P.O. Box 486 Water Valley, MS 38965
- In-Person Payment: Property owners can visit the Yalobusha County Tax Assessor's Office during regular business hours to make their payments in person. The office is located at:
14400 State Highway 32 Water Valley, MS 38965
It's important to note that Yalobusha County does not accept phone payments for property taxes.
In summary, Yalobusha County Property Tax is due on February 1st each year, and property owners can make payments using online, mail-in, or in-person methods.
If you have more questions - contact your local tax collector.
How is Yalobusha County Property Tax penalty calculated ?
Yalobusha County calculates property tax penalties based on the amount unpaid and the time it is overdue. Here is an example:
Let's say that John owns a property in Yalobusha County and his property tax bill was due on January 31st for $1,000. John forgot to pay his bill and now it is already March 31st.
To calculate John's penalty, Yalobusha County would use the following formula:
((Amount Due) x (Penalty Rate)) x (Number of Months Late)
The penalty rate in Yalobusha County is 1% per month, so for John's case:
(($1,000) x (0.01)) x (2 months)
The penalty would be $20 (or 2% of the original amount due).
In addition to the penalty, interest will also accrue on the unpaid balance at a rate of 1.5% per month until it is paid off. Therefore, it is important to pay property taxes promptly to avoid accruing unnecessary penalties and interest.
| Due Date | Amount Due | Months Late | Penalty Rate | Penalty |
|---|---|---|---|---|
| Jan 31 | $1,000 | - | 1% | -$ |
| Mar 31 | $1,000 | 2 | 1% | $20 |
| Apr 30 | $1,020 | 3 | 1% | $30.60 |
| May 31 | $1,050.60 | 4 | 1% | $42.02 |
The above table shows how the penalty and interest can compound over time if the property taxes remain unpaid.
In summary, Yalobusha County calculates property tax penalties by multiplying the amount due by the penalty rate and the number of months overdue. It is important to pay property taxes promptly to avoid accruing unnecessary fees.
We recommend contacting the Yalobusha County Tax Office or a local tax professional for the most up-to-date and accurate information.