Clark County Property Taxes
The median property tax rate in Clark County is 0.99%, which aligns with the national median of 0.99% but is slightly lower than the Kentucky state median of 1.02%. With a median home value of $130,000 in Clark County, the typical annual property tax bill is approximately $1,117, significantly less than the national median of $2,690. Property taxes in Clark County are determined based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Clark County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you reside in Winchester or another part of Clark County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clark County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,287
Ownwell’s Clark County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clark County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Clark County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Clark County, Kentucky
Property taxes in Clark County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Clark County is 0.99%, which is equal to both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Clark County set these rates annually, and they can vary significantly between different areas within the county. Each year, Clark County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Clark County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Lexington has one of the higher property tax rates in Kentucky at 0.99%, while the same city also boasts one of the lowest at 0.99%. Analyzing how Clark County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Clark County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clark County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Lexington | 0.23% | 0.56% | 0.98% | 0.98% | 0.99% |
| Mount Sterling | 0.38% | 0.57% | 0.98% | 0.98% | 0.98% |
| Winchester | 0.56% | 0.77% | 0.98% | 0.98% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Clark County, Kentucky
In Clark County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Clark County Appraisal District. The assessed value, however, 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. Assessment notices in Clark County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Clark County, the city with the highest median tax bill is Mount Sterling at $1,184, while Lexington has the lowest at $935. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Clark County Assessed Value
$130,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clark County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Lexington | $25,000 | $50,000 | $115,000 | $335,000 | $652,560 |
| Mount Sterling | $54,600 | $93,000 | $166,700 | $255,000 | $388,360 |
| Winchester | $35,000 | $77,000 | $130,000 | $194,175 | $287,960 |
Source: Ownwell
Property Tax Bills Across Clark County, Kentucky
In Clark County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $130,000, the tax bill can range significantly. Homeowners at the 25th percentile may see bills around $640, while those at the 75th percentile could face taxes closer to $1,699. At the higher end, the 90th percentile tax bill reaches approximately $2,522. Several factors influence these tax bills, including property location, market conditions, and any applicable exemptions or deductions. For example, Mount Sterling has the highest median tax bill at $1,184, compared to Lexington's lower median of $935. These variations can impact homeowners significantly, affecting affordability and financial planning. Understanding these factors is crucial for property owners aiming to manage their tax liabilities effectively.
Average Clark County Tax Bill
$1,117
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clark County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Lexington | $246 | $394 | $935 | $1,880 | $3,399 |
| Mount Sterling | $344 | $788 | $1,184 | $1,712 | $2,718 |
| Winchester | $296 | $645 | $1,119 | $1,694 | $2,507 |
Source: Ownwell