Utica, Kentucky Property Taxes
The median property tax rate in Utica, Kentucky is 1.13%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $53,800 in Utica, the typical annual property tax bill is $581, which is significantly lower than the national median of $2,690. Property taxes in Utica are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Utica'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 Utica or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Utica, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$608
Ownwell’s Utica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Utica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Utica 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 Utica, Kentucky
Property taxes in Utica, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Utica is 1.13%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Utica set these rates annually, and they can vary significantly across different neighborhoods. Each year, Utica 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 Utica's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42376 zip code has the highest median property tax rate of 1.13%, while the 42376 zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Utica provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Utica Tax Rate
1.13%
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Utica, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42376 | 0.68% | 1.08% | 1.13% | 1.25% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Utica, Kentucky
In Utica, 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 McLean County Assessor 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 Utica, 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 Utica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Utica are both $581.00, found in the 42376 zip code.
Average Utica Assessed Value
$53,800
Average Mclean County Assessed Value
$47,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Utica, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42376 | $6,000 | $15,000 | $53,800 | $105,469 | $177,660 |
Source: Ownwell
Property Tax Bills Across Utica, Kentucky
In Utica, McLean County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Utica is $53,800, and homeowners can expect their tax bills to vary significantly. Factors influencing the tax bill include the property's assessed value and the local tax rate set by the county. For instance, the tax bill at the 25th percentile is $247, while at the 75th percentile, it rises to $1,016. Homeowners at the 90th percentile may see tax bills as high as $1,899. The highest median tax bill recorded in the area is $581, which is relatively modest compared to the national median property tax rate of 0.99%. These variations can significantly impact homeowners, influencing their monthly budgets and overall financial planning. Understanding how these factors interplay helps residents anticipate their annual property tax obligations and manage their finances more effectively.
Average Utica Tax Bill
$581
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Utica, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42376 | $117 | $247 | $581 | $1,016 | $1,899 |
Source: Ownwell