Martha, Kentucky Property Taxes
The median property tax rate in Martha, KY is 0.54%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Martha at $44,000, the typical annual property tax bill is $205, significantly below the national median of $2,690. Property taxes in Martha are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Martha'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 Martha or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Martha, 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 Martha Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Martha with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martha 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 Martha, Kentucky
Property taxes in Martha, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martha is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Martha set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martha 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 Martha's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41159 zip code has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Martha provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martha Tax Rate
0.54%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martha, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41159 | 0.16% | 0.30% | 0.54% | 0.84% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Martha, Kentucky
In Martha, 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 Johnson 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 Martha, 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 Martha helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $205 in zip code 41159, which also happens to be the lowest median tax bill, highlighting the uniformity in property tax assessments within the region.
Average Martha Assessed Value
$44,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martha, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41159 | $24,000 | $33,000 | $44,000 | $51,250 | $53,500 |
Source: Ownwell
Property Tax Bills Across Martha, Kentucky
In Martha, located in Johnson County, KY, property tax bills are calculated based on the assessed value of a home. The median home price here is $44,000, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Martha, property tax bills can vary significantly. The 25th percentile tax bill is $121, while the 75th percentile tax bill is $237, and the 90th percentile tax bill reaches $257. This variation highlights how different property values and tax rates can impact the amount homeowners owe. Compared to the national median property tax rate of 0.99%, Martha's tax rates result in relatively lower tax bills, which can be a relief for homeowners. However, it's important for homeowners to stay informed about their property's assessed value and any potential changes in local tax rates to manage their property tax obligations effectively.
Average Martha Tax Bill
$205
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Martha, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41159 | $70 | $121 | $205 | $237 | $257 |
Source: Ownwell