Mc Andrews, Kentucky Property Taxes
The median property tax rate in Mc Andrews, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mc Andrews at $28,000, the typical annual property tax bill reaches $165, which is significantly lower than the national median of $2,690. Property taxes in Mc Andrews are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mc Andrews' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mc Andrews or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Andrews, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$384
Ownwell’s MC ANDREWS Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in MC ANDREWS with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in MC ANDREWS to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, assigned by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Mc Andrews, Kentucky
Property taxes in MC ANDREWS, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC ANDREWS is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within MC ANDREWS set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC ANDREWS 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 MC ANDREWS's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41543 zip code has the highest median property tax rate of 1.37%, while the 41543 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with MC ANDREWS provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Andrews Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Andrews, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41543 | 0.15% | 0.28% | 1.37% | 1.51% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Mc Andrews, Kentucky
In Mc Andrews, 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 Pike 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 Mc Andrews, 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 Mc Andrews helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41543 has the highest and lowest median tax bill at $165.
Average Mc Andrews Assessed Value
$28,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Andrews, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41543 | $3,600 | $10,000 | $28,000 | $52,000 | $65,000 |
Source: Ownwell
Property Tax Bills Across Mc Andrews, Kentucky
In Mc Andrews, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The median home price in Mc Andrews is $28,000, and the property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property size, location, and home improvements can influence the assessed value, thereby affecting the overall tax bill. Homeowners in Mc Andrews experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $48, while at the 75th percentile, it rises to $482. Those in the 90th percentile can expect to pay around $866. These variations highlight how different factors can lead to significant differences in tax bills for homeowners. Compared to the national median property tax rate of 0.99%, Mc Andrews offers relatively lower property tax bills, making it an attractive location for homeowners seeking affordability.
Average Mc Andrews Tax Bill
$165
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Andrews, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41543 | $48 | $48 | $165 | $482 | $866 |
Source: Ownwell