Malone, Kentucky Property Taxes
The median property tax rate in Malone, KY is 1.03%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $73,500 in Malone, the typical annual property tax bill amounts to $310, which is significantly lower than the national median of $2,690. Property taxes in Malone 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 Malone'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 Malone or another part of Morgan County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malone, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Malone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malone 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 Malone, Kentucky
Property taxes in Malone, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malone is 0.74%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Malone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malone 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 Malone's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41101 has the highest median property tax rate of 1.17%, while the zip code 41102 has the lowest median tax rate of 0.51%. Understanding how these cities compare with Malone 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 Malone Tax Rate
1.03%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41451 | 0.14% | 0.28% | 1.03% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Malone, Kentucky
In Malone, 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 Malone, 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 median home price in Malone is $73,500, with tax bills ranging from $170 at the 25th percentile to $1,169 at the 90th percentile. The zip code 41451 has the highest median tax bill of $310. Being aware of these valuation processes in Malone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Malone Assessed Value
$73,500
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 Malone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41451 | $39,000 | $60,000 | $73,500 | $74,000 | $107,600 |
Source: Ownwell
Property Tax Bills Across Malone, Kentucky
In Malone, Morgan 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 Malone is $73,500. The property tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in Malone might see tax bills ranging from $170 at the 25th percentile to $919 at the 75th percentile, with the 90th percentile reaching up to $1,169. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made. These tax bills significantly impact homeowners, as they are a recurring expense that must be budgeted annually. Compared to the national median property tax rate of 0.99%, Malone's property tax bills reflect the local economic conditions and property values, providing a more tailored approach to funding community services and infrastructure.
Average Malone Tax Bill
$310
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Malone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41451 | $84 | $170 | $310 | $919 | $1,169 |
Source: Ownwell