Mc Daniels, Kentucky Property Taxes
The median property tax rate in Mc Daniels, KY is 0.97%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $85,000 in Mc Daniels, the typical annual property tax bill amounts to $872, which is significantly lower than the national median of $2,690. Property taxes in Mc Daniels are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Mc Daniels' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mc Daniels or another part of Breckinridge County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Daniels, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$825
Ownwell’s MC DANIELS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC DANIELS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC DANIELS 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 Mc Daniels, Kentucky
Property taxes in Mc Daniels, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Daniels is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Mc Daniels set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Daniels 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 Mc Daniels' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40152 zip code has both the highest and lowest median property tax rate in Breckinridge County, standing at 0.97%. Understanding how these cities compare with Mc Daniels provides valuable insights into the varying tax landscape across Breckinridge County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Daniels Tax Rate
0.97%
Average Breckinridge County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Daniels, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40152 | 0.73% | 0.95% | 0.97% | 1.13% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Mc Daniels, Kentucky
In Mc Daniels, 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 Breckinridge 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 Mc Daniels, 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 Mc Daniels helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 40152, with a median tax bill of $872.
Average Mc Daniels Assessed Value
$85,000
Average Breckinridge County Assessed Value
$64,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Daniels, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40152 | $7,000 | $20,000 | $85,000 | $159,500 | $246,500 |
Source: Ownwell
Property Tax Bills Across Mc Daniels, Kentucky
In MC DANIELS, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Breckinridge County. The assessed value is determined by the county assessor, who evaluates the property's market value. Homeowners in this area experience a range of tax bills, with the 25th percentile at $280 and the 75th percentile reaching $1,520. The 90th percentile sees tax bills as high as $2,317, indicating significant variability based on property value. For a home with a median price of $85,000, the tax bill can vary widely depending on the specific assessment and applicable exemptions. Compared to the national median property tax rate of 0.99%, the tax rates in MC DANIELS reflect the local economic conditions and property values. These tax bills impact homeowners by influencing their overall housing costs and potentially affecting their decisions on property investments and homeownership. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Mc Daniels Tax Bill
$872
Average Breckinridge County Tax Bill
$536
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Daniels, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40152 | $115 | $280 | $872 | $1,520 | $2,317 |
Source: Ownwell