Manchester, Clay County, Kentucky Property Taxes
The median property tax rate in Manchester, KY is 1.18%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Manchester at $40,500, the typical annual property tax bill is $358, which is significantly lower than the national median of $2,690. Property taxes in Manchester are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Manchester's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Manchester or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manchester, Clay County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$478
$443
Ownwell’s Manchester Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Manchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manchester to provide an estimated property tax bill. This invaluable tool helps you understand potential tax liabilities with ease. If you’re curious about neighborhood-level trends, scroll down to discover more localized insights. Your property’s assessed value is the value assigned by Clay County for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Manchester, Clay County, Kentucky
Property taxes in Manchester, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Manchester is 1.18%, higher than the U.S. national median of 0.99%. Local government entities within Manchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manchester 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 Manchester's effective property tax rate to other areas and the national median. For comparison, the zip code 40962 has the highest median property tax rate of 1.18%, while the same zip code has the lowest median tax rate of 1.18%. Understanding how these areas compare with Manchester provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manchester Tax Rate
1.18%
Average Clay County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manchester, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40962 | 0.25% | 0.61% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Manchester, Clay County, Kentucky
In Manchester, 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 Clay 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 Manchester, 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 highest median tax bill in Manchester is $358.00 in the 40962 zip code, while the lowest is also $358.00 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Manchester, Clay County, Kentucky
Source: Ownwell
$39,000
$49,050
$59,100
Average Manchester Assessed Value
$40,500
Average Clay County Assessed Value
$40,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manchester, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40962 | $8,000 | $25,000 | $40,500 | $72,000 | $117,800 |
Source: Ownwell
Property Tax Bills Across Manchester, Clay County, Kentucky
In Manchester, KY, property tax bills are calculated based on the assessed value of a home. The local assessor determines this value, which is then multiplied by the tax rate set by various taxing authorities, such as the city, county, and school districts. For homeowners in Manchester, the median home price is $40,500. The tax bills vary significantly, with the 25th percentile at $124 and the 75th percentile reaching $715. At the 90th percentile, homeowners can see tax bills as high as $1,288. The highest and lowest median tax bills in the area are both $358, indicating a relatively consistent rate within the 40962 zip code. Compared to the national median property tax rate of 0.99%, Manchester's property tax rates can affect homeowners differently depending on the assessed value of their homes. Lower home values generally result in lower tax bills, providing some financial relief to homeowners in this region.
Average Manchester Tax Bill
$358
Average Clay County Tax Bill
$348
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Manchester, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40962 | $40 | $124 | $358 | $715 | $1,288 |
Source: Ownwell