Union Star, Kentucky Property Taxes
The median property tax rate in Union Star, KY is 0.69%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Union Star at $133,050, the typical annual property tax bill amounts to $947, significantly below the national median of $2,690. Property taxes in Union Star are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Union Star'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 Union Star or another part of Meade County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Union Star, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$918
Ownwell’s Union Star Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union Star with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union Star 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 Union Star, Kentucky
Property taxes in Union Star, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Union Star is 0.69%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Union Star set these rates annually, and they can vary significantly across different neighborhoods. Each year, Union Star 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 Union Star's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40171 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Union Star provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Union Star Tax Rate
0.69%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union Star, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40171 | 0.62% | 0.65% | 0.69% | 0.74% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Union Star, Kentucky
In Union Star, 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 Meade 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 Union Star, 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. The highest median tax bill in Union Star is $947 in the 40171 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Union Star Assessed Value
$133,050
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Union Star, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40171 | $108,930 | $117,975 | $133,050 | $148,125 | $157,170 |
Source: Ownwell
Property Tax Bills Across Union Star, Kentucky
In Union Star, located in Meade County, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For instance, with a median home price of $133,050, the property tax bill can vary significantly. Homeowners in the 25th percentile of tax bills pay around $782, while those in the 75th percentile pay about $1,111. At the 90th percentile, the tax bill can reach up to $1,210. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the highest median tax bill in the area is $947, which is consistent across all zip codes within Union Star. These property taxes contribute to local services such as schools, public safety, and infrastructure, directly impacting homeowners' finances and the quality of community services. Compared to the national median property tax rate of 0.99%, Union Star's rates are relatively moderate.
Average Union Star Tax Bill
$947
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Union Star, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40171 | $683 | $782 | $947 | $1,111 | $1,210 |
Source: Ownwell