Mayfield, Kentucky Property Taxes
The median property tax rate in Mayfield, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mayfield at $15,000, the typical annual property tax bill is $160, which is significantly lower than the national median of $2,690. Property taxes in Mayfield are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mayfield'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 Mayfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mayfield, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$161
Ownwell’s Mayfield Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Mayfield using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Mayfield to provide an estimate of your property tax bill. This insightful tool aids in understanding potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mayfield, Kentucky
Property taxes in Mayfield, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayfield is 0.83%, lower than the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Mayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayfield 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 Mayfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42066 zip code has the highest median property tax rate of 0.83%, while the 42066 zip code has the lowest median tax rate of 0.83%. Understanding how these cities compare with Mayfield 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 Mayfield Tax Rate
1.07%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42066 | 0.59% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Mayfield, Kentucky
In Mayfield, 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 Marshall 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 Mayfield, 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 example, the median home price in Mayfield is $15,000, with tax bills ranging from $64 at the 25th percentile to $520 at the 90th percentile. 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 Mayfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mayfield Assessed Value
$15,000
Average Marshall County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42066 | $4,300 | $6,000 | $15,000 | $46,000 | $59,640 |
Source: Ownwell
Property Tax Bills Across Mayfield, Kentucky
In Mayfield, located in Marshall County, KY, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $15,000, homeowners in Mayfield can expect varying tax bills depending on their property's assessed value and the specific tax rates applied. Factors such as the property's location within the city, any applicable exemptions, and improvements made to the property can influence the assessed value. The tax bill in Mayfield can range significantly, with the 25th percentile at $64 and the 75th percentile reaching $203. Homeowners at the 90th percentile may see tax bills as high as $520. These property taxes fund essential public services such as education, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Mayfield's rates can offer a more affordable option for homeowners.
Average Mayfield Tax Bill
$160
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42066 | $46 | $64 | $160 | $203 | $520 |
Source: Ownwell