Clay, Kentucky Property Taxes
The median property tax rate in Clay, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Clay at $125,530, the typical annual property tax bill is $961, which is below the national median of $2,690. Property taxes in Clay are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Clay'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 Clay 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
Clay, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,293
Ownwell’s CLAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CLAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CLAY 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 Clay, Kentucky
Property taxes in Clay, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clay is 1.03%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Clay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clay 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 Clay's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42404 has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Clay provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clay Tax Rate
1.03%
Average Union County Tax Rate
1.03%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clay, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42404 | 0.16% | 0.53% | 1.03% | 1.03% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Clay, Kentucky
In Clay, 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 Clay, 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 Clay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Union County is 42404, both at $961.
Average Clay Assessed Value
$125,530
Average Union County Assessed Value
$68,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clay, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42404 | $20,392 | $49,749 | $125,530 | $236,492 | $553,554 |
Source: Ownwell
Property Tax Bills Across Clay, Kentucky
In Clay, KY, property tax bills are determined based on the assessed value of a home, which is derived from the market value. The median home price in Clay is $125,530. Property taxes are calculated by applying the local tax rate to this assessed value. For example, with a median home price, homeowners can expect a range in their tax bills. The 25th percentile tax bill is $313, while the 75th percentile tax bill rises to $1,738, and the 90th percentile tax bill can reach up to $2,290. Several factors influence these tax bills, including property size, location, and market conditions. Homeowners in Clay might find their tax bills relatively modest compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Clay are both recorded at $961 in the zip code 42404, indicating a level of consistency in tax assessments across the city. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Clay Tax Bill
$961
Average Union County Tax Bill
$566
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clay, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42404 | $163 | $313 | $961 | $1,738 | $2,290 |
Source: Ownwell