Marion, Crittenden County, Kentucky Property Taxes
The median property tax rate in Marion, KY is 0.93%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Marion at $53,400, the typical annual property tax bill is $403, significantly lower than the national median of $2,690. Property taxes in Marion 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 Marion'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 Marion 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
Marion, Crittenden County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$497
$461
Ownwell’s Marion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marion 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 Marion, Crittenden County, Kentucky
Property taxes in Marion, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marion is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Marion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marion 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 Marion's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42064 has both the highest and lowest median property tax rate of 0.93%, illustrating a uniform tax rate within this region. Understanding how these areas compare with Marion provides valuable insights into the varying tax landscape across Crittenden County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marion Tax Rate
0.93%
Average Crittenden County Tax Rate
0.92%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marion, Crittenden County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42064 | 0.24% | 0.52% | 0.93% | 1.05% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Marion, Crittenden County, Kentucky
In Marion, 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 Crittenden 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 Marion, 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 Marion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Marion is $403, found in the 42064 zip code, while the lowest median tax bill is also $403 in the same zip code.
Property Tax Assessment Values Across Marion, Crittenden County, Kentucky
Source: Ownwell
$53,400
$81,700
$110,000
Average Marion Assessed Value
$53,400
Average Crittenden County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marion, Crittenden County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42064 | $7,140 | $23,825 | $53,400 | $102,950 | $190,000 |
Source: Ownwell
Property Tax Bills Across Marion, Crittenden County, Kentucky
In Marion, located in Crittenden County, KY, property tax bills are calculated based on the assessed value of your home. The local tax rate is applied to this assessed value to determine your annual tax bill. For instance, with a median home price of $53,400, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. The tax bill in Marion can range significantly. At the 25th percentile, homeowners might pay around $167, while those at the 75th percentile could see bills closer to $791. For the top 10% of homeowners, tax bills can reach up to $1,342. These variations are influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Marion's property tax rates can be considered relatively moderate. Understanding these factors is crucial for homeowners to budget effectively and anticipate their financial obligations related to property taxes.
Average Marion Tax Bill
$403
Average Crittenden County Tax Bill
$414
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Marion, Crittenden County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42064 | $66 | $167 | $403 | $791 | $1,342 |
Source: Ownwell