Mc Roberts, Kentucky Property Taxes
The median property tax rate in Mc Roberts, KY is 1.60%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mc Roberts at $18,000, the typical annual property tax bill reaches $160, which is significantly lower than the national median of $2,690. Property taxes in Mc Roberts are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mc Roberts' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mc Roberts or another part of Letcher County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Roberts, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s MC ROBERTS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC ROBERTS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC ROBERTS 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 Mc Roberts, Kentucky
Property taxes in Mc Roberts, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Roberts is 1.60%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Mc Roberts set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Roberts 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 Mc Roberts' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41835 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these areas compare with Mc Roberts provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Roberts Tax Rate
1.60%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Roberts, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41835 | 1.28% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Mc Roberts, Kentucky
In MC ROBERTS, 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 Letcher County PVA 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 MC ROBERTS, 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 MC ROBERTS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $160.00, found in the zip code 41835.
Average Mc Roberts Assessed Value
$18,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Roberts, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41835 | $2,000 | $5,000 | $18,000 | $30,000 | $47,000 |
Source: Ownwell
Property Tax Bills Across Mc Roberts, Kentucky
In Mc Roberts, property tax bills are determined based on the assessed value of a property and the local tax rate set by Letcher County. The assessed value is a percentage of the market value of the property, which is then multiplied by the tax rate to calculate the annual tax bill. Various factors influence the assessed value, including property size, location, and condition. For homeowners in Mc Roberts, the median home price is $18,000, with tax bills ranging from the 25th percentile at $56 to the 90th percentile at $641. The highest and lowest median tax bills in the area both stand at $160, indicating a relatively narrow range of property tax obligations. Comparatively, the national median property tax rate is 0.99%, which can provide context for understanding local tax burdens. Homeowners must account for these taxes as part of their annual expenses, impacting overall affordability and long-term financial planning.
Average Mc Roberts Tax Bill
$160
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Roberts, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41835 | $24 | $56 | $160 | $393 | $641 |
Source: Ownwell