Marshes Siding, Kentucky Property Taxes
The median property tax rate in Marshes Siding, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Marshes Siding at $31,500, the typical annual property tax bill is $163, significantly below the national median of $2,690. Property taxes in Marshes Siding are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marshes Siding'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 Marshes Siding or another part of McCreary County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marshes Siding, 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 Marshes Siding Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshes Siding with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshes Siding 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 Marshes Siding, Kentucky
Property taxes in Marshes Siding, Kentucky, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshes Siding is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Marshes Siding set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshes Siding 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 Marshes Siding's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42631 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these areas compare with Marshes Siding provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshes Siding Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshes Siding, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42631 | 0.40% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Marshes Siding, Kentucky
In Marshes Siding, 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 McCreary 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 Marshes Siding, 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 Marshes Siding helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in McCreary County is $163.00 in the 42631 zip code, while the lowest is also $163.00 in the same zip code.
Average Marshes Siding Assessed Value
$31,500
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshes Siding, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42631 | $3,000 | $5,900 | $31,500 | $60,000 | $90,500 |
Source: Ownwell
Property Tax Bills Across Marshes Siding, Kentucky
In Marshes Siding, located in McCreary County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. Homeowners in this area will see their tax bills influenced by several factors, including the median home price, which stands at $31,500. Tax bills in Marshes Siding can vary significantly. For instance, the 25th percentile tax bill is $41, while the 75th percentile tax bill reaches $404. At the 90th percentile, homeowners might pay up to $734. The median tax bill in the area is notably lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual expenses and potentially affecting their ability to budget for other necessities. Understanding how these taxes are calculated helps residents plan better and ensures they are prepared for their yearly financial obligations.
Average Marshes Siding Tax Bill
$163
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshes Siding, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42631 | $16 | $41 | $163 | $404 | $734 |
Source: Ownwell