Island, Kentucky Property Taxes
The median property tax rate in Island, KY is 1.08%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Island, the typical annual property tax bill reaches $269, which is significantly lower than the national median of $2,690. Property taxes in Island 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 Island'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 Island 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
Island, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$324
Ownwell’s Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Island 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 Island, Kentucky
Property taxes in Island, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Island is 1.08%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Island 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 Island's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42350 zip code has the highest median property tax rate of 1.08%, while the lowest median tax rate is also 1.08%. Understanding how these cities compare with Island 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 Island Tax Rate
1.08%
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Island, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42350 | 0.56% | 1.06% | 1.08% | 1.26% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Island, Kentucky
In Island, 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 Island, 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. In Island, the zip code 42350 has both the highest and lowest median tax bill at $269. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Island Assessed Value
$30,000
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 Island, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42350 | $4,000 | $8,500 | $30,000 | $80,000 | $124,600 |
Source: Ownwell
Property Tax Bills Across Island, Kentucky
In ISLAND, located in McLean County, KY, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $30,000, the property tax bill varies significantly. Homeowners in the 25th percentile pay around $93, while those in the 75th percentile pay approximately $691. At the 90th percentile, the tax bill can reach up to $1,274. The highest and lowest median tax bills in the area both stand at $269, which is relatively modest compared to the national median property tax rate of 0.99%. These variations in tax bills can significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Understanding these factors is crucial for anyone looking to buy or own property in ISLAND.
Average Island Tax Bill
$269
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Island, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42350 | $53 | $93 | $269 | $691 | $1,274 |
Source: Ownwell