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THE TAXING ENTITIES
All tax rates are calculated annually on the basis of the PVA assessment roll. This January 1 assessment roll is certified by the Department of Property Taxation for compliance to all statutes requiring fair cash value assessments and equalization.
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State
The legislature has established a state rate for real, tangible, and intangible property. These rates are calculated annually by the state Department of Property Valuation with strict adherence to applicable statutes that restrict the amount of revenue that can be derived from local (county) property tax collections.
Revenue generated from the state tax goes to the state general fund and is then budgeted by the Governor and the Legislature for benefit of the Commonwealth and its citizens.
Schools
The Department of Education calculates school tax rates.
County and city governments have the power to create special taxing districts to fund specific public services such as libraries, fire protection, health, ambulance, watershed, agriculture, and soil conservation services.
County and city governments also rely heavily on the property tax for revenues. The fiscal court or city commission establishes a rate to generate needed funds to operate their respective government. The PVA is not involved in determining tax rates.
If a taxing district establishes a tax rate which will generate more than a four percent growth over the previous year's revenue, excluding increased revenue from new property, the rate is subject to recall.
A petition signed by at least 10 % of the taxpayers of the taxing district will cause an election to be held to adopt or reject the tax rate. If a majority of the votes cast oppose the rate, the rate will not go into effect.
How is the total amount of my property tax bill determined if my home is assessed at $50,000.00?
Assuming the county tax rate is $.17, the school tax rate is $.25, and the state rate is $.216 per one hundred dollars of assessed value, the following formula is used:
County $.17
School $.25
State $ .216
$.636 per $100 of assessed value.
$50,000.00 (assessed value) * .636/$100.00 (tax rate) = $318.00 (tax due amount).
How is the total amount of my property tax bill determined if my Automobile is assessed at $12,000.00?.
Assuming the county tax rate is $.17, the school tax rate is $.25, and the state rate is $.45 per one hundred dollars of assessed value, the following formula is used:
County $.17
School $.25
State $.45
$.87 per $100 of assessed value.
$12,000.00 (assessed value) * .87/$100.00 (tax rate) = $104.40 (tax due amount).
The county sheriff is responsible for notifying the taxpayer and collecting property taxes, on behalf of the state and local taxing districts.
The county clerk office is responsible for notifying the taxpayer and collecting motor vehicles property taxes, on behalf of the state and local taxing districts.
Each tax year a tax bill is prepared and a copy mailed to the taxpayer, showing the total amount of taxes due.
The tax bill includes the date on which the taxes are due and any discounts that the taxpayer may be entitled.
Failure to receive a tax bill does not invalidate the tax claim and it is the taxpayers responsibility to inquire for the information.