Parkers Lake, Kentucky Property Taxes
The median property tax rate in Parkers Lake, KY is 0.82%, 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 $18,000 in Parkers Lake, the typical annual property tax bill is $103, significantly less than the national median of $2,690. Property taxes in Parkers Lake 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 Parkers Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Parkers Lake 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
Parkers Lake, 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 Parkers Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkers Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkers Lake 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 Parkers Lake, Kentucky
Property taxes in Parkers Lake, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkers Lake is 0.82%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Parkers Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkers Lake 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 Parkers Lake's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42634 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Parkers Lake 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 Parkers Lake 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 Parkers Lake, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | 0.41% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Parkers Lake, Kentucky
In Parkers Lake, 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 Parkers Lake, 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 Parkers Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in the 42634 zip code is $103, which is significantly lower than the national median property tax rate of 0.99%.
Average Parkers Lake Assessed Value
$18,000
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 Parkers Lake, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $2,000 | $4,550 | $18,000 | $50,000 | $84,800 |
Source: Ownwell
Property Tax Bills Across Parkers Lake, Kentucky
In Parkers Lake, located in McCreary County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Parkers Lake experience a range of property tax bills, with the 25th percentile at $33 and the 75th percentile at $326. The 90th percentile tax bill can go up to $612, indicating significant variability based on property values. The median home price in Parkers Lake is $18,000, which contributes to the relatively low property tax bills compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $103, specifically in the 42634 zip code. These figures show that while property taxes in Parkers Lake are generally low, they can still vary depending on the specific value and location of the property. This variability in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Parkers Lake Tax Bill
$103
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkers Lake, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $16 | $33 | $103 | $326 | $612 |
Source: Ownwell