Martha, Kentucky Property Taxes
The median property tax rate in Martha, KY is 1.20%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Martha, the typical annual property tax bill is $225, which is significantly lower than the national median of $2,690. Property taxes in Martha are calculated based on the tax assessed value, which is often lower than 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 the city, 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 helps any homeowner, real estate investor, or potential owner 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 essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Martha is 1.20%, significantly higher than both the Kentucky state median and 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 the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Martha provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martha Tax Rate
1.20%
Average Lawrence County Tax Rate
1.15%
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 | 0.73% | 1.15% | 1.20% | 1.32% | 1.62% |
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 Lawrence 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 zip code with the highest median tax bill in Martha is 41159, with a bill of $225.00, while the lowest median tax bill is also in the same zip code, 41159, at $225.00.
Average Martha Assessed Value
$20,000
Average Lawrence County Assessed Value
$32,500
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 | $2,970 | $6,300 | $20,000 | $42,700 | $75,000 |
Source: Ownwell
Property Tax Bills Across Martha, Kentucky
Property tax bills in Martha, located in Lawrence County, KY, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Martha experience a range of property tax bills, with the 25th percentile at $81 and the 75th percentile at $458, indicating a significant variation depending on property values and specific circumstances. The tax rate applied in Martha is influenced by local government budgets and needs, which can lead to fluctuations in annual tax bills. For example, the 90th percentile tax bill reaches up to $853. This variability can impact homeowners' financial planning, as those with higher property values or in certain areas may face larger tax obligations. Compared to the national median property tax rate of 0.99%, Martha's property tax bills reflect the local economic conditions and real estate market. Homeowners must stay informed about their property's assessed value and any changes in the local tax rate to effectively manage their property tax responsibilities.
Average Martha Tax Bill
$225
Average Lawrence County Tax Bill
$296
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 | $47 | $81 | $225 | $458 | $853 |
Source: Ownwell