Interest at the rate of .0056% per month or fraction thereof begins the day after the due date and each month thereafter. A 5% penalty is applied to the balance owed when the property is 120 days delinquent.  

On each subsequent 120 days, another 5% penalty will be applied up to a maximum of 20% per year on all real and personal property tax bills. Penalty does not apply to property claiming homestead exemption where tax due is less than $500.00.

To determine the amount of your property taxes, the following values are needed: 

• Fair Market Value (FMV), 
• Assessed Value (ASV), and 
• Millage Rate. 

Fair Market Value (F.M.V.) X 40%=Assessed Value

Assessed Value X Millage Rate = Tax

Tax digest = Total of all Assessments

Millage Rate = Proposed Budget / Tax digest

Millage is usually expressed as dollars per $1,000.00 of Assessed Value

Example: In 2014, the County millage rate was set at .020838. If your property has a FMV of $100,000, the ASV would be 40% or $40,000. Multiply the ASV of $40,000 by the millage rate of .020838 to get a close estimate of your property taxes. In this example, property taxes would be approximately $833.52.