Rumsey, Kentucky Property Taxes
The median property tax rate in Rumsey, KY is 1.15%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Rumsey at $29,000, the typical annual property tax bill is $278, falling below the national median of $2,690. Property taxes in Rumsey are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Rumsey'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 Rumsey or another part of McLean County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rumsey, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$334
Ownwell’s Rumsey Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Rumsey with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Rumsey to provide an estimate of 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 Rumsey, Kentucky
Property taxes in Rumsey, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rumsey is 1.15%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rumsey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rumsey 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 Rumsey's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42371 zip code has both the highest and lowest median property tax rate of 1.15%. Understanding how these cities compare with Rumsey 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 Rumsey Tax Rate
1.15%
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rumsey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42371 | 0.75% | 1.06% | 1.15% | 1.39% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Rumsey, Kentucky
In Rumsey, 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 Rumsey, 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 Rumsey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Rumsey are both $278.00, found in the zip code 42371.
Average Rumsey Assessed Value
$29,000
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 Rumsey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42371 | $3,200 | $8,000 | $29,000 | $73,150 | $139,800 |
Source: Ownwell
Property Tax Bills Across Rumsey, Kentucky
In Rumsey, located in McLean County, KY, property tax bills are calculated based on the assessed value of a property, which is typically determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $29,000, homeowners can expect varying tax bills depending on their property’s assessed value and specific tax rates. Factors such as property size, location, and improvements can significantly influence the assessed value. In Rumsey, tax bills can range from the 25th percentile at $106 to the 90th percentile at $1,520, illustrating the variability based on property characteristics. The median tax bill in the area stands at $278, which is considerably lower than the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making homeownership more affordable in Rumsey compared to other regions with higher property tax rates.
Average Rumsey Tax Bill
$278
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rumsey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42371 | $56 | $106 | $278 | $797 | $1,520 |
Source: Ownwell