Example of Young County Property Tax Calculation
Young County calculates property taxes based on the assessed value of the property. To determine the assessed value, the county assessor's office will appraise the property and then multiply the appraised value by the assessment ratio, which is currently set at 10 percent in Young County. This means that the assessed value of a property worth $100,000 would be $10,000.
Once the assessed value is determined, the county will then multiply it by the tax rate, which is set by the county commissioners each year. For example, if the tax rate is 2 percent, the property tax owed on a property worth $100,000 with an assessed value of $10,000 would be $200.
It is important to note that there may be additional taxes levied by the school district, city, or other local entities, which will be added to the county property tax bill. These additional taxes will also be calculated based on the assessed value of the property.
Overall, property taxes in Young County are calculated based on the assessed value and tax rate, with any additional taxes added on top. It is important for property owners to stay up-to-date on the latest tax rates and assessed values to accurately calculate their property tax bill.
If you want appeal your property tax assessment - contact your local tax assessor.
Young County Property Tax Rates
Here are the Young County Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Tax | $0.5656 |
| City Tax | $0.6450 |
| School Tax | $1.3474 |
| Hospital Tax | $0.1700 |
| Junior College Tax | $0.1265 |
| Total Tax | $2.8545 |
These rates are effective for the tax year 2021 and are subject to change in the future. It's important to note that property taxes are based on the assessed value of the property, which is determined by the local appraisal district. If you have any questions or concerns about your property taxes, it's recommended to consult with a local tax advisor.
Who sets property tax rates in Young County ?
In Young County, property tax rates are set by the local taxing authorities. These authorities include the county commissioners, the city council, and the school board.
The property tax rates are typically set annually, during budgeting sessions. These sessions are open to the public, and residents are encouraged to attend and provide input on the proposed tax rates.
Once the tax rates are set, they apply to all taxable property in the county, including homes, businesses, and land. The tax rates are based on the assessed value of the property, which is determined by the county assessor's office.
It is important to note that property tax rates can vary by location within Young County, as different taxing authorities may have different rates. Additionally, property owners may be eligible for exemptions or deductions that can lower their tax bills.
Overall, property tax rates in Young County are determined by the local authorities, and are subject to change annually. Residents can stay informed about these rates by attending budgeting sessions and consulting with their local officials.
Homestead exemptions in Young County ?
To help homeowners in Young County, Texas, understand the available Homestead exemptions and deductions, we have compiled a table with all the county-specific details. The table contains four columns, namely exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead Exemption | Owner-occupied homes on January 1st | $25,000 | Applied automatically |
| Age 65 or Over Exemption | Owner-occupied homes by a person aged 65 or over on January 1st | $10,000 | Applied automatically |
| Disability Exemption | Owner-occupied homes by a person with a disability, as defined by law | $10,000 | Applied automatically |
| Disabled Veteran Exemption | Owner-occupied homes by a disabled veteran, as defined by law | Up to $12,000 | Based on percentage of disability |
| Surviving Spouse Exemption | Owner-occupied homes by the surviving spouse of a person who qualified for the age or disability exemption | $5,000 | Applied automatically |
| Optional Percentage Homestead Exemption | All other homesteads | 20%, 15%, or 10% | Based on the chosen percentage |
It is important to note that some of these exemptions require specific documentation or proof of eligibility. Homeowners should contact the Young County Appraisal District for more information on how to apply for these exemptions.
By taking advantage of these Homestead exemptions and deductions, homeowners in Young County, Texas, can reduce their property tax burden and keep more money in their pockets.
When is Young County Property Tax due ?
Young County Property Tax Due Date and Payment Methods
Young County Property Tax is typically due on January 31st of every year. However, if the due date falls on a weekend or holiday, payment is then due on the next business day.
There are several methods available for paying Young County Property Tax, including:
| Payment Method | Details |
|---|---|
| Online | Taxpayers can pay online at Young County's website using a credit card, debit card, or e-check. A convenience fee will be charged for this method. |
| By Mail | Taxpayers can mail in their payment using the return envelope provided with their tax statement. The payment must be postmarked by January 31st to avoid penalties. |
| In-Person | Taxpayers can make payments in person at the Young County Tax Office located at 516 Fourth St., Graham, Texas. Accepted methods of payment include cash, check, money order, or credit card. |
It is important to note that failure to pay Young County Property Tax by the due date will result in penalties and interest charges. Taxpayers are encouraged to pay their property taxes on time to avoid these additional fees.
If you have more questions - contact your local tax collector.
How is Young County Property Tax penalty calculated ?
Young County Property Tax Penalty Calculation
When property taxes are not paid in full by the due date in Young County, a penalty is added to the amount owed. The penalty is calculated as a percentage of the unpaid taxes, and it increases over time.
The penalty rate is 6% on February 1st, and an additional 1% for each month thereafter until the taxes are paid in full. Here is an example:
| Date | Tax Owed | Penalty |
|---|---|---|
| January 31st | $1,000.00 | $0.00 |
| February 1st | $1,000.00 | $60.00 |
| March 1st | $1,000.00 | $70.00 |
| April 1st | $1,000.00 | $80.00 |
In this example, if the property owner did not pay the full amount of the property tax by January 31st, they would owe an additional 6% penalty of $60.00 on February 1st. If the taxes are still unpaid on March 1st, an additional 1% penalty of $10.00 would be added, bringing the total penalty to $70.00. The penalty would continue to increase by 1% each month until the taxes are paid in full.
It is important for property owners in Young County to pay their property taxes on time to avoid the added penalties. If you have any questions about your property taxes, you can contact the Young County Tax Assessor-Collector's Office for assistance.
We recommend contacting the Young County Tax Office or a local tax professional for the most up-to-date and accurate information.