Inez, Kentucky Property Taxes
The median property tax rate in Inez, KY is 1.40%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Inez at $39,000, the typical annual property tax bill reaches $379, which is significantly lower than the national median of $2,690. Property taxes in Inez 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 Inez'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 Inez 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
Inez, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$546
Ownwell’s Inez Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inez with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inez 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 Inez, Kentucky
Property taxes in Inez, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inez is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Inez set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inez 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 Inez's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41224 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Inez provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inez Tax Rate
1.40%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inez, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41224 | 0.33% | 0.58% | 1.40% | 1.68% | 2.32% |
Source: Ownwell
Property Tax Assessment Values Across Inez, Kentucky
In Inez, 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 Martin 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 Inez, 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 Inez helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Inez is $39,000, with the highest median tax bill in zip code 41224 at $379.
Average Inez Assessed Value
$39,000
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inez, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41224 | $7,500 | $20,000 | $39,000 | $71,375 | $124,150 |
Source: Ownwell
Property Tax Bills Across Inez, Kentucky
In Inez, located in Martin County, KY, property tax bills are calculated based on the assessed value of the property. The median home price in the area is $39,000, which is significantly lower than the national average. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. Homeowners in Inez experience a range of tax bills. For example, the 25th percentile tax bill is $112, while the 75th percentile tax bill rises to $797. At the 90th percentile, homeowners can expect a tax bill of $1,550. The highest and lowest median tax bills in the area are both $379, indicating a relatively stable property tax environment within the zip code 41224. This calculation method ensures that property taxes are proportionate to the property’s value, impacting homeowners by aligning their tax liabilities with their property’s worth. This can be beneficial for homeowners in Inez, as the property taxes remain relatively low compared to the national median property tax rate of 0.99%.
Average Inez Tax Bill
$379
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Inez, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41224 | $105 | $112 | $379 | $797 | $1,550 |
Source: Ownwell