Gracey, Kentucky Property Taxes
The median property tax rate in Gracey, KY is 0.80%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $110,000 in Gracey, the typical annual property tax bill is approximately $817, significantly below the national median of $2,690. Property taxes in Gracey are calculated based on the assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Gracey'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 Gracey or another part of Christian County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gracey, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Gracey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gracey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gracey 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 Gracey, Kentucky
Property taxes in Gracey, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gracey is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Gracey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gracey 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 Gracey's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42232 has both the highest and the lowest median property tax rate of 0.80%. Understanding how these cities compare with Gracey provides valuable insights into the varying tax landscape across Christian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gracey Tax Rate
0.80%
Average Christian County Tax Rate
0.78%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gracey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42232 | 0.42% | 0.79% | 0.80% | 0.84% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Gracey, Kentucky
In Gracey, 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 Christian 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 Gracey, 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 Gracey 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 bills is 42232, with a median tax bill of $817.
Average Gracey Assessed Value
$110,000
Average Christian County Assessed Value
$110,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gracey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42232 | $25,000 | $50,000 | $110,000 | $180,000 | $255,000 |
Source: Ownwell
Property Tax Bills Across Gracey, Kentucky
In Gracey, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Gracey stands at $110,000. Property taxes are then levied as a percentage of this assessed value. For instance, the tax bill at the 25th percentile is $351, while at the 75th percentile, it rises to $1,390, and at the 90th percentile, it reaches $2,021. Several factors contribute to the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Gracey benefit from relatively lower property tax rates compared to the national median property tax rate of 0.99%. This can have a significant impact on the affordability of homeownership, as lower property taxes reduce the overall cost of maintaining a home. The highest and lowest median tax bill in the area is $817, indicating a consistent tax environment within the zip code 42232.
Average Gracey Tax Bill
$817
Average Christian County Tax Bill
$788
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gracey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42232 | $122 | $351 | $817 | $1,390 | $2,021 |
Source: Ownwell