Manchester, Kentucky Property Taxes
The median property tax rate in Manchester, KY is 0.79%, 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 $37,500 in Manchester, the typical annual property tax bill is $143, significantly below the national median of $2,690. Property taxes in Manchester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Manchester'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 Manchester 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
Manchester, 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 Manchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manchester 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 Manchester, Kentucky
Property taxes in Manchester, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manchester is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Manchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manchester 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 Manchester's effective property tax rate to other areas and the national median. For comparison, the zip code 40962 has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these figures compare with Manchester provides valuable insights into the varying tax landscape across Laurel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manchester Tax Rate
0.79%
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manchester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40962 | 0.22% | 0.63% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Manchester, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Manchester, Kentucky. The market value represents 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 local 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 Manchester, 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 Manchester 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 $143.00, found in the 40962 zip code, while the lowest is also $143.00 in the same zip code.
Average Manchester Assessed Value
$37,500
Average Laurel County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manchester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40962 | $5,000 | $11,000 | $37,500 | $80,000 | $111,050 |
Source: Ownwell
Property Tax Bills Across Manchester, Kentucky
In Manchester, KY, property tax bills are calculated based on the assessed value of a property, which is determined by local tax assessors. The median home price in Manchester stands at $37,500. Property taxes are influenced by various factors, including property size, location, and market conditions. Homeowners in Manchester can expect their tax bills to fall within a range, with the 25th percentile tax bill at $58 and the 75th percentile reaching $633. The tax bill at the 90th percentile is $725, indicating a significant variation based on property value and other considerations. Compared to the national median property tax rate of 0.99%, Manchester's property tax bills can be relatively low, potentially offering some relief to homeowners. However, the highest median tax bill recorded in the area is $143, specifically in the 40962 zip code. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Manchester Tax Bill
$143
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Manchester, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40962 | $22 | $58 | $143 | $633 | $725 |
Source: Ownwell