Mayking, Kentucky Property Taxes
The median property tax rate in Mayking, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mayking at $30,000, the typical annual property tax bill reaches $291, which is significantly lower than the national median of $2,690. Property taxes in Mayking are calculated based on the tax assessed value, often falling below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mayking'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 Mayking 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
Mayking, 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 MAYKING Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MAYKING using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MAYKING to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those 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 Letcher County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mayking, Kentucky
Property taxes in Mayking, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayking is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Mayking set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayking 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 Mayking's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41837 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Mayking provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayking Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayking, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41837 | 0.29% | 0.95% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Mayking, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mayking, Kentucky. 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 Letcher 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 Mayking, 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 Mayking helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41837 in Mayking has both the highest and lowest median tax bill, valued at $291.
Average Mayking Assessed Value
$30,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayking, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41837 | $3,000 | $10,000 | $30,000 | $51,125 | $100,000 |
Source: Ownwell
Property Tax Bills Across Mayking, Kentucky
In Mayking, KY, property tax bills are calculated based on the assessed value of a home. The local tax authorities determine this value, which is typically lower than the market value. For example, with a median home price of $30,000, homeowners can expect their tax bills to vary significantly depending on specific factors like property size, location, and any applicable exemptions. Homeowners in Mayking generally see a range of tax bills. At the 25th percentile, the tax bill is around $87, while at the 75th percentile, it rises to approximately $728. For those at the 90th percentile, the tax bill can reach up to $1,255. Despite these variations, the highest median tax bill recorded in the area is $291, indicating a relatively affordable tax burden compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual financial planning and long-term property investments. Lower tax rates can make homeownership more accessible and affordable, while higher rates might necessitate more careful budgeting.
Average Mayking Tax Bill
$291
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayking, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41837 | $29 | $87 | $291 | $728 | $1,255 |
Source: Ownwell