Mc Kinney, Kentucky Property Taxes
The median property tax rate in MC KINNEY, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in MC KINNEY, the typical annual property tax bill reaches $67, which is significantly lower than the national median of $2,690. Property taxes in MC KINNEY 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 MC KINNEY'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 MC KINNEY 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
Mc Kinney, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$125
Ownwell’s MC KINNEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KINNEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KINNEY 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 Mc Kinney, Kentucky
Property taxes in MC KINNEY, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KINNEY stands at 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within MC KINNEY set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KINNEY 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 MC KINNEY's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40448 has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these figures compare with MC KINNEY provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kinney Tax Rate
1.04%
Average Lincoln County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kinney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40448 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kinney, Kentucky
In MC KINNEY, 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 Lincoln 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 MC KINNEY, 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 MC KINNEY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest tax bill is 543, while the lowest is 41, reflecting the variability in property values and tax responsibilities within the community.
Average Mc Kinney Assessed Value
$12,000
Average Lincoln County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kinney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40448 | $3,300 | $4,250 | $12,000 | $32,500 | $69,200 |
Source: Ownwell
Property Tax Bills Across Mc Kinney, Kentucky
In McKinney, KY, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's assessed value, which is determined by the local assessor's office, and the tax rate set by local taxing authorities. For homeowners in McKinney, the median home price is $12,000, which is significantly lower than the national median. Homeowners in McKinney can expect their property tax bills to vary widely. For instance, the 25th percentile tax bill is around $41, while the 75th percentile tax bill is about $324. At the 90th percentile, the tax bill can reach up to $543. These variations can significantly impact homeowners' finances, making it essential for property owners to understand how their tax bill is calculated and budget accordingly. Compared to the national median property tax rate of 0.99%, McKinney's effective tax rates can offer some relief to homeowners.
Average Mc Kinney Tax Bill
$67
Average Lincoln County Tax Bill
$557
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kinney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40448 | $31 | $41 | $67 | $324 | $543 |
Source: Ownwell