Walk It Through: The Tax Bill
A reassessment notice, the homestead exemption at sixty-five, and a year the bill went unpaid.
A notice says the county raised the value of a house by thousands of dollars in the reassessment year.
Two things a person in this spot might do. Picking one shows what the law says about it.
One house and its taxes. Agricultural use, the four percent residential ratio, vehicle property taxes, mortgage escrow and appeals past the county board are not worked through here.
A practice walkthrough, not a prediction of how any real one will go. Legal information, not legal advice.
Words this turns on
Terms with a legal meaning that is narrower than the everyday one. Each links to the definition and the authority behind it.
- ReassessmentThe county's appraisal and equalization of property once every fifth year, with notice to every taxpayer whose value or classification changes by $1,000 or more.
- DwellingIn the self defense article, a building or conveyance of any kind with a roof, including an attached porch and a tent, designed to be occupied by people lodging there at night, temporary or permanent, mobile or immobile.
- Homestead exemptionThe exemption of the first $50,000 of the fair market value of a dwelling from property taxes for an owner who is sixty-five, totally and permanently disabled, or legally blind, on a written application.
- OverageWhat a tax sale brings in beyond the taxes, penalties and costs owed. After any municipal tax liens, it belongs to the owner of record just before the redemption period ended, and goes to the county if unclaimed within five years.
- Redemption periodThe twelve months after a delinquent tax sale during which the owner, a grantee or a creditor may get the property back by paying the taxes, penalties and costs with interest on the bid.