Understanding Montgomery County Property Tax Laws





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Property taxes are an important source of revenue for many local governments, and Montgomery County is no exception. Property owners in the county are required to pay taxes on the value of their real estate, and these taxes are used to fund public services, such as schools and law enforcement. As a result, it is important for property owners to understand Montgomery County’s property tax laws and how they affect their taxes. This article will provide an overview of the county’s property tax laws and explain how they are calculated.

Property Tax Rates

The property tax rate in Montgomery County is set by the Board of County Commissioners each year. The rate is determined by the amount of money that is needed to provide the services and programs required by the county. The rate is the same for all property owners in the county and is based on the total assessed value of all taxable property. For the 2021 tax year, the rate is $.60 per $100 of assessed value.

Property Assessments

In Montgomery County, property assessments take place on an annual basis. The assessments are conducted by the county’s Department of Assessments and Taxation. The county assesses the value of all real estate in the county based on current market conditions. This value is then used to calculate the amount of taxes that a property owner is responsible for paying.

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Exemptions

Certain types of property may be exempt from taxation in Montgomery County. The most common exemptions include agricultural land, historic properties, and certain types of residential property. In order to qualify for an exemption, a property owner must meet certain criteria, such as owning a certain amount of acreage or having the property designated as a historic landmark. Exemptions are granted on a case-by-case basis, and it is important for property owners to understand the qualifications in order to take advantage of them.

Tax Relief Programs

Montgomery County offers several tax relief programs to help property owners who are facing financial hardship. These programs include the Homestead Tax Credit, which provides a reduction in taxes for certain qualified homeowners, and the Circuit Breaker Tax Credit, which provides a tax break for low-income homeowners. Property owners who are eligible for these programs should contact the county tax assessor to learn more about how to apply.

Paying Property Taxes

Property taxes in Montgomery County are due on the first day of July each year. Property owners can pay their taxes in one lump sum or in multiple payments throughout the year. Payment can be made online, by mail, or in person at the county’s Tax Collector’s Office. It is important to note that late payments may result in penalties and interest.

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Appealing Property Taxes

Property owners who disagree with their assessed value or believe that they have been incorrectly taxed may file an appeal with the county. Appeals must be filed within 45 days of the assessment notice and must include evidence to support the claim. Once an appeal is filed, the county will review the case and determine if the assessment is correct or if the property owner is entitled to a refund.

Conclusion

Understanding Montgomery County’s property tax laws is important for property owners in the county. Property taxes are used to fund important services, such as schools and law enforcement, so it is important for property owners to understand how their taxes are calculated and what exemptions and relief programs are available to them. Property owners should also be aware of the deadlines for filing appeals and paying taxes, as late payments may result in penalties and interest.

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