Ezel, Kentucky Property Taxes
The median property tax rate in Ezel, KY is 1.24%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,000 in Ezel, the typical annual property tax bill amounts to $320, which is significantly below the national median of $2,690. Property taxes in Ezel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Ezel'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 Ezel or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ezel, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$496
Ownwell’s Ezel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ezel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ezel 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 Ezel, Kentucky
Property taxes in Ezel, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ezel stands at 1.24%, which is significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Ezel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ezel 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 Ezel's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41425 has both the highest and lowest median property tax rate of 1.24%. Understanding how these areas compare with Ezel provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ezel Tax Rate
1.24%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ezel, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41425 | 0.28% | 0.74% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Ezel, Kentucky
In Ezel, 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 Morgan 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 Ezel, 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. For instance, the highest median tax bill in Ezel is $320.00 in the 41425 zip code, while the lowest median tax bill is also $320.00 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ezel Assessed Value
$40,000
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ezel, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41425 | $5,000 | $15,000 | $40,000 | $75,500 | $143,800 |
Source: Ownwell
Property Tax Bills Across Ezel, Kentucky
In Ezel, located in Morgan County, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Ezel is $40,000. Property taxes here are relatively low compared to the national median property tax rate of 0.99%. For instance, the tax bill at the 25th percentile is $99, while at the 75th percentile, it reaches $711. At the 90th percentile, homeowners might pay up to $1,366. Several factors contribute to the calculation of property tax bills, including the assessed value of the property and the specific tax rate set by local authorities. These factors can significantly impact homeowners, influencing their annual financial obligations. For instance, the highest median tax bill in the area is $320, which is consistent across the zip code 41425. Understanding these factors helps homeowners in Ezel anticipate their property tax liabilities and plan their finances accordingly.
Average Ezel Tax Bill
$320
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ezel, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41425 | $37 | $99 | $320 | $711 | $1,366 |
Source: Ownwell