Paducah, Kentucky Property Taxes
The median property tax rate in Paducah, KY is 0.48%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Paducah at $74,000, the typical annual property tax bill reaches $352, significantly below the national median of $2,690. Property taxes in Paducah 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 Paducah'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 Paducah 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
Paducah, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$355
Ownwell’s Paducah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paducah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paducah 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 Paducah, Kentucky
Property taxes in Paducah, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paducah is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Paducah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paducah 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 Paducah's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42003 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Paducah provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paducah Tax Rate
0.48%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paducah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42003 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Paducah, Kentucky
In Paducah, 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 local 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 Paducah, 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 Paducah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Paducah are both $352, specifically in the 42003 zip code.
Average Paducah Assessed Value
$74,000
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 Paducah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42003 | $74,000 | $74,000 | $74,000 | $74,000 | $74,000 |
Source: Ownwell
Property Tax Bills Across Paducah, Kentucky
In Paducah, located in Marshall County, KY, property tax bills are calculated based on the assessed value of the home. The median home price in this area is $74,000. Property tax rates are applied to this assessed value to determine the annual tax bill. For homeowners in Paducah, the tax bill remains consistent across different percentiles, with the 25th, 75th, and 90th percentiles all seeing a tax bill of $352. This uniformity indicates a stable property tax rate within the region. When compared to the national median property tax rate of 0.99%, Paducah's property tax rate offers a relatively affordable option for homeowners. Factors such as the assessed value of the property, local tax rates, and any applicable exemptions or deductions play a crucial role in determining the final tax bill. This affects homeowners by providing predictability and stability in their annual financial planning, making Paducah an attractive option for those seeking manageable property tax obligations.
Average Paducah Tax Bill
$352
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Paducah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42003 | $352 | $352 | $352 | $352 | $352 |
Source: Ownwell