Mc Kee, Kentucky Property Taxes
The median property tax rate in MC KEE, KY is 0.83%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $49,000 in MC KEE, the typical annual property tax bill amounts to $331, significantly below the national median of $2,690. Property taxes in MC KEE are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding MC KEE's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of MC KEE or another part of the city, being informed about the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Mc Kee, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$407
Ownwell’s MC KEE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KEE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KEE 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 Mc Kee, Kentucky
Property taxes in MC KEE, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KEE is 0.83%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within MC KEE set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KEE 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 KEE's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40447 has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with MC KEE provides valuable insights into the varying tax landscape across Rockcastle, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kee Tax Rate
0.83%
Average Rockcastle County Tax Rate
0.83%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | 0.41% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kee, Kentucky
In MC KEE, 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 local 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 KEE, 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 KEE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40447 has both the highest and lowest median tax bills at $331. The median home price in MC KEE is $49,000, with tax bills ranging from $188 at the 25th percentile to $1,243 at the 90th percentile.
Average Mc Kee Assessed Value
$49,000
Average Rockcastle County Assessed Value
$48,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | $7,000 | $32,500 | $49,000 | $103,200 | $153,125 |
Source: Ownwell
Property Tax Bills Across Mc Kee, Kentucky
In MC KEE, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor's office and reflects the market value of the property. For homeowners in MC KEE, the median home price is $49,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In MC KEE, the 25th percentile of tax bills is $188, while the 75th percentile is $853, and the 90th percentile reaches up to $1243. These figures highlight the variability in tax bills depending on property characteristics and assessed values. Compared to the national median property tax rate of 0.99%, homeowners in MC KEE may find their tax rates to be relatively manageable. However, the impact on individual homeowners can vary significantly based on their property's assessed value and specific circumstances. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations accurately.
Average Mc Kee Tax Bill
$331
Average Rockcastle County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | $25 | $188 | $331 | $853 | $1,243 |
Source: Ownwell