Marion, Kentucky Property Taxes
The median property tax rate in Marion, KY is 0.27%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Marion at $220,875, the typical annual property tax bill amounts to $534, well below the national median of $2,690. Property taxes in Marion are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Marion's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Marion or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marion, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$596
Ownwell’s Marion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Kentucky
Property taxes in Marion, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 0.72%, which is notably higher than both the Kentucky state median of 0.72% and the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is 1.17%, while the lowest median tax rate is 0.27%. Understanding how these cities compare with Marion provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
0.27%
Average Livingston County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42064 | 0.23% | 0.25% | 0.27% | 0.30% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Kentucky
In Marion, 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 Livingston County Property Valuation Administrator 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 Marion, 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. For instance, the highest median tax bill in the region is $534 in the 42064 zip code. 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marion Assessed Value
$220,875
Average Livingston County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42064 | $113,775 | $153,938 | $220,875 | $287,812 | $327,975 |
Source: Ownwell
Property Tax Bills Across Marion, Kentucky
In Marion, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the home. For instance, if a home has a market value of $220,875, the assessed value will be a fraction of this amount. The property tax rate is then applied to the assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's size, location, and condition. Homeowners in Marion can expect their tax bills to vary significantly. The 25th percentile tax bill is around $408, while the 75th percentile tax bill reaches approximately $659. For those in the 90th percentile, tax bills can be as high as $734. Compared to the national median property tax rate of 0.99%, Marion's property tax rates offer a more affordable alternative, making it an attractive option for homeowners looking for lower property taxes.
Average Marion Tax Bill
$534
Average Livingston County Tax Bill
$417
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42064 | $333 | $408 | $534 | $659 | $734 |
Source: Ownwell