Mannsville, Kentucky Property Taxes
The median property tax rate in Mannsville, KY is 1.02%, aligning with the state median but slightly above the national median of 0.99%. With a median home value of $37,500 in Mannsville, the typical annual property tax bill amounts to $377, which is significantly lower than the national median of $2,690. Property taxes here are determined based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Gaining a clear understanding of Mannsville’s property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial yearly savings. Whether you reside in the heart of Mannsville or another part of the city, comprehending the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Mannsville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$383
Ownwell’s Mannsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mannsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mannsville 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 Mannsville, Kentucky
Property taxes in Mannsville, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mannsville is 1.02%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Mannsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mannsville 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 Mannsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42758 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Mannsville provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mannsville Tax Rate
1.02%
Average Taylor County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mannsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42758 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Mannsville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mannsville, Kentucky. 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 Taylor 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 Mannsville, 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 Mannsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mannsville is $37,500, with the 25th percentile tax bill at $213 and the 75th percentile tax bill at $651. The zip code 42758 has the highest median tax bill at $377.
Average Mannsville Assessed Value
$37,500
Average Taylor County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mannsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42758 | $10,400 | $22,000 | $37,500 | $75,000 | $91,050 |
Source: Ownwell
Property Tax Bills Across Mannsville, Kentucky
In Mannsville, property tax bills are calculated based on the assessed value of your home, which is determined by the Taylor County assessor's office. The assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For instance, with a median home price of $37,500, homeowners in Mannsville can expect varying tax bills. The 25th percentile tax bill is around $213, while the 75th percentile reaches approximately $651. Those at the 90th percentile may see tax bills as high as $892. Factors influencing these calculations include the property's location, size, and any improvements or changes made to it. Compared to the national median property tax rate of 0.99%, Mannsville's rates reflect the local economic conditions and funding needs for public services such as schools and infrastructure. For homeowners, this means that property taxes can significantly impact their annual budget, making it crucial to understand how these taxes are determined and what options are available for potential appeals or exemptions.
Average Mannsville Tax Bill
$377
Average Taylor County Tax Bill
$681
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mannsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42758 | $98 | $213 | $377 | $651 | $892 |
Source: Ownwell