Mayfield, Kentucky Property Taxes
The median property tax rate in Mayfield, KY is 0.45%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $77,000 in Mayfield, the typical annual property tax bill amounts to $338, which is well below the national median of $2,690. Property taxes in Mayfield are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mayfield'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 Mayfield 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
Mayfield, 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 Mayfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayfield 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 Mayfield, Kentucky
Property taxes in Mayfield, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayfield is 0.45%, which is significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Mayfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayfield 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 Mayfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42066 has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Mayfield provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayfield Tax Rate
0.45%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42066 | 0.22% | 0.36% | 0.45% | 0.83% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Mayfield, Kentucky
In Mayfield, 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 Graves County Property Valuation Administrator 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 Mayfield, 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 Mayfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mayfield is $338 in zip code 42066, while the lowest is also $338 in the same zip code, reflecting a consistent tax environment in this area.
Average Mayfield Assessed Value
$77,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42066 | $5,000 | $30,000 | $77,000 | $138,000 | $229,100 |
Source: Ownwell
Property Tax Bills Across Mayfield, Kentucky
In Mayfield, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the property's market value. Homeowners in Mayfield can expect varying tax bills depending on the value of their property and the tax rate applied. The median home price in Mayfield is $77,000, and the property tax rate in Graves County is calculated accordingly. Homeowners in the 25th percentile of property tax bills pay around $120 annually, while those in the 75th percentile see bills closer to $770. For those at the 90th percentile, the tax bill can rise to approximately $1,363. These variations in tax bills can significantly impact homeowners' financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Mayfield's tax rates are relatively moderate, offering some relief to homeowners in this region.
Average Mayfield Tax Bill
$338
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42066 | $36 | $120 | $338 | $770 | $1,363 |
Source: Ownwell