Boaz, Kentucky Property Taxes
The median property tax rate in Boaz, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $104,000 in Boaz, the typical annual property tax bill is approximately $603, significantly below the national median of $2,690. Property taxes in Boaz are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Boaz's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Boaz or another part of Graves County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Boaz, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$832
Ownwell’s Boaz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boaz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boaz to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Boaz, Kentucky
Property taxes in Boaz, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boaz is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Boaz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boaz estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Boaz's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42027 zip code has the highest median property tax rate of 0.80%, while the 42027 zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Boaz provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boaz Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boaz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42027 | 0.17% | 0.40% | 0.80% | 0.85% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Boaz, Kentucky
In Boaz, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Graves County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Boaz, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Boaz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42027 has both the highest and lowest median tax bill, which is $603.
Average Boaz Assessed Value
$104,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boaz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42027 | $12,990 | $43,000 | $104,000 | $195,000 | $340,000 |
Source: Ownwell
Property Tax Bills Across Boaz, Kentucky
In Boaz, KY, property tax bills are determined through a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as location, property size, and improvements. Homeowners in Boaz experience varying tax bills, with the 25th percentile at $233 and the 75th percentile reaching $1,166. For those at the 90th percentile, the tax bill can climb to $1,631. Comparatively, Boaz's median home price stands at $104,000, which influences the overall tax burden. Although the national median property tax rate is 0.99%, the specific rate in Boaz can result in different tax bills. For example, the highest median tax bill in the area is $603, found in the 42027 zip code. Understanding these factors helps homeowners anticipate their tax obligations, ensuring they are better prepared for annual property tax payments. This knowledge can also influence decisions about purchasing or improving property within the city.
Average Boaz Tax Bill
$603
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Boaz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42027 | $69 | $233 | $603 | $1,166 | $1,631 |
Source: Ownwell