Minerva, Kentucky Property Taxes
The median property tax rate in Minerva, KY is 1.07%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $40,000 in Minerva, the typical annual property tax bill amounts to $427, significantly lower than the national median of $2,690. Property taxes in Minerva are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Minerva'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 Minerva 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
Minerva, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$428
Ownwell’s Minerva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minerva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minerva 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 Minerva, Kentucky
Property taxes in Minerva, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minerva is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Minerva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minerva 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 Minerva's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41062 has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Minerva provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minerva Tax Rate
1.07%
Average Mason County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minerva, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41062 | 1.07% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Minerva, Kentucky
In Minerva, 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 Mason 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 Minerva, 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. With the median home price at $40,000, the median tax bill in Minerva is $427, which is significantly lower than the national median property tax rate of 0.99%. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Minerva Assessed Value
$40,000
Average Mason County Assessed Value
$70,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minerva, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41062 | $40,000 | $40,000 | $40,000 | $40,000 | $40,000 |
Source: Ownwell
Property Tax Bills Across Minerva, Kentucky
In Minerva, located in Mason County, KY, property tax bills are calculated based on the assessed value of the property. The median home price in Minerva is $40,000, which provides a foundation for determining tax obligations. Property taxes are assessed by multiplying the assessed value by the local tax rate. In Minerva, the median tax bill stands at $427, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value, thereby impacting the final tax bill. For homeowners, this means that any changes to their property or fluctuations in the local real estate market can result in adjustments to their tax bills. With the tax bill consistently at $427 across various percentiles, homeowners in Minerva can expect a relatively stable property tax environment, unlike other regions where tax bills can vary widely. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Minerva Tax Bill
$427
Average Mason County Tax Bill
$649
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Minerva, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41062 | $427 | $427 | $427 | $427 | $427 |
Source: Ownwell