Parksville, Kentucky Property Taxes
The median property tax rate in Parksville, KY is 0.96%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $47,000 in Parksville, the typical annual property tax bill is $228, significantly below the national median of $2,690. Property taxes in Parksville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Parksville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parksville 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
Parksville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$451
Ownwell’s Parksville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parksville 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 Parksville, Kentucky
Property taxes in Parksville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parksville is 0.96%, which is slightly below the U.S. national median of 0.99%. Local government entities within Parksville set these rates annually, and they can vary across different neighborhoods. Each year, Parksville 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 Parksville's effective property tax rate to other areas in Casey County and the national median. For comparison, the zip code 40464 within Casey County has the same median property tax rate of 0.96%. Understanding how these areas compare with Parksville provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parksville Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parksville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40464 | 0.33% | 0.95% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Parksville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Parksville, Kentucky. 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 Casey 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 Parksville, 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 Parksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 40464, amounting to $228.
Average Parksville Assessed Value
$47,000
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parksville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40464 | $10,000 | $15,000 | $47,000 | $71,250 | $99,700 |
Source: Ownwell
Property Tax Bills Across Parksville, Kentucky
In Parksville, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Parksville, the median home price is $47,000, which serves as a basis for these calculations. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. In Parksville, the tax bills vary significantly, with the 25th percentile at $123 and the 75th percentile reaching up to $592. The highest median tax bill recorded in the area is $228, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners need to stay informed about their property’s assessed value and any changes in the local tax rate to anticipate their annual tax obligations accurately.
Average Parksville Tax Bill
$228
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Parksville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40464 | $50 | $123 | $228 | $592 | $981 |
Source: Ownwell