Calhoun, Kentucky Property Taxes
The median property tax rate in Calhoun, KY is 1.09%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Calhoun at $64,000, the typical annual property tax bill amounts to $665, which is below the national median of $2,690. Property taxes in Calhoun are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Calhoun'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 Calhoun 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
Calhoun, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$698
Ownwell’s Calhoun Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calhoun with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calhoun 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 Calhoun, Kentucky
Property taxes in Calhoun, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Calhoun is 1.09%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Calhoun set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calhoun 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 Calhoun's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42327 zip code has both the highest and lowest median property tax rate of 1.09%. Understanding how these areas compare with Calhoun provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calhoun Tax Rate
1.09%
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calhoun, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42327 | 0.64% | 1.06% | 1.09% | 1.18% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Calhoun, Kentucky
In Calhoun, 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 McLean 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 Calhoun, 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 Calhoun helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 42327, with a median tax bill of $665.
Average Calhoun Assessed Value
$64,000
Average Mclean County Assessed Value
$47,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calhoun, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42327 | $7,000 | $20,000 | $64,000 | $120,800 | $177,968 |
Source: Ownwell
Property Tax Bills Across Calhoun, Kentucky
In Calhoun, McLean County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Calhoun is $64,000. To determine the tax bill, this assessed value is multiplied by the local property tax rate. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Calhoun experience a range of property tax bills, with the 25th percentile at $238 and the 75th percentile reaching $1,207. The 90th percentile tax bill can be as high as $1,939. The median property tax bill in the highest and lowest zip code, 42327, is $665, which is below the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in the area.
Average Calhoun Tax Bill
$665
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Calhoun, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42327 | $93 | $238 | $665 | $1,207 | $1,939 |
Source: Ownwell