Example of Yankton County Property Tax Calculation
Yankton County Property Tax is calculated by taking the assessed value of a property and multiplying it by the current mill levy rate. For example, if a property in Yankton County has an assessed value of $100,000 and the current mill levy rate is 100 mills, the property tax would be $10,000.
The assessed value of a property is determined by the county assessor's office and is based on the market value of the property. The mill levy rate is set by the county commissioners and is used to fund local government services such as schools, roads, and public safety.
Property owners in Yankton County can appeal their assessed value if they believe it is too high. They can also vote in local elections to help determine the mill levy rate and decide how their property tax dollars are spent.
Overall, understanding how Yankton County Property Tax is calculated is important for property owners to budget for their expenses and understand their contribution to the local community.
If you want appeal your property tax assessment - contact your local tax assessor.
Yankton County Property Tax Rates
Yankton County Property Tax Rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Residential Property | $1.98 |
| Agricultural Property | $1.74 |
| Commercial Property | $3.98 |
| Industrial Property | $3.94 |
| Personal Property | $3.66 |
In Yankton County, the property tax rates vary based on the type of property. Residential properties are taxed at the rate of $1.98 per $100 of assessed value, while agricultural properties are taxed at a slightly lower rate of $1.74 per $100 of assessed value. Commercial and industrial properties are taxed at higher rates of $3.98 and $3.94 per $100 of assessed value, respectively. Personal property is taxed at a rate of $3.66 per $100 of assessed value. It is important to note that these rates can vary from year to year and may be subject to change.
Who sets property tax rates in Yankton County ?
The property tax rates in Yankton County are set by the County Board of Commissioners. This typically happens during their annual budget-setting process, which takes place in the fall of each year. The Board of Commissioners is made up of five elected officials who are responsible for overseeing the county's budget and making decisions about how to allocate resources.
The property tax rate is determined by a number of factors, including the county's budget needs and the assessed value of properties in the county. Property owners in Yankton County can expect to receive their annual tax bill in the mail sometime in December, with payments due in the following January.
It's important for property owners to stay informed about changes to the property tax rate, as this can have a significant impact on their finances. For more information about property taxes in Yankton County, property owners can visit the county's website or contact the County Board of Commissioners directly.
Homestead exemptions in Yankton County ?
To help Yankton County residents understand their Homestead exemptions and deductions, here is a table of all county specific information:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Any homeowner | $4,480 | Applies to primary residence |
| Elderly and Disabled Homestead Exemption | Homeowner over 65 or disabled | $1,000 | Can be used in conjunction with the General Homestead Exemption |
| Agricultural Homestead Exemption | Farmer or rancher | $350,000 | Applies to agricultural land and structures |
| Veteran's Homestead Exemption | Veteran | $20,000 | Applies to primary residence, must have served during a war time period |
| Solar Energy System Exemption | Homeowner with solar panels | 100% | Applies to the added value of the solar panels |
It is important to note that some exemptions and deductions may require proof of eligibility and have application deadlines. It is recommended that residents consult with the Yankton County Assessor's Office for more information.
When is Yankton County Property Tax due ?
Yankton County Property Tax Due Date and Payment Options
- Due Date: April 30th of each year is the deadline for property tax payments in Yankton County.
- Payment Methods: Taxpayers may pay their property taxes in multiple ways, including:
- In-person at the Yankton County Treasurer's office.
- By mail with a check or money order made payable to the Yankton County Treasurer.
- Online using a credit card or eCheck through the Yankton County Treasurer's website.
- By phone using a credit card or eCheck through the automated system provided by the Yankton County Treasurer's office.
It is important to note that late payments may result in penalties and interest charges, so taxpayers are encouraged to pay on time or make arrangements for a payment plan if necessary.
If you have more questions - contact your local tax collector.
How is Yankton County Property Tax penalty calculated ?
Yankton County Property Tax Penalty Calculation
The penalty for not paying property tax on time in Yankton County is calculated based on the amount of unpaid taxes and the number of days past the due date. The penalty rate is 1.5% per month, which is equivalent to 18% per year.
For example, if a property owner owes $10,000 in property taxes and fails to pay on the due date of April 30th, they would incur a penalty of $150 for the first month (May) and an additional $150 for each subsequent month until the taxes are paid in full.
Here is a simplified breakdown of the penalty calculation for Yankton County property tax:
| Situation | Penalty Calculation |
|---|---|
| Unpaid Taxes | $10,000 |
| Due Date | April 30th |
| Penalty Rate | 1.5% per month |
| Penalty for May | $150 (1.5% x $10,000) |
| Penalty for June | $300 (1.5% x $10,000 x 2) |
| Penalty for July | $450 (1.5% x $10,000 x 3) |
| Total Penalty | $900 |
It is important to note that property owners who are unable to pay their property taxes on time may be eligible for a payment plan or other financial assistance options. It is recommended to contact the Yankton County Treasurer's office for more information and assistance.
We recommend contacting the Yankton County Tax Office or a local tax professional for the most up-to-date and accurate information.