Maceo, Kentucky Property Taxes
The median property tax rate in Maceo, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Maceo, the typical annual property tax bill reaches $468, which is significantly lower than the national median of $2,690. Property taxes in Maceo 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 Maceo'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 Maceo 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
Maceo, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$667
Ownwell’s Maceo Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Maceo. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Maceo to provide an accurate estimate of your property tax bill. This user-friendly tool helps you gain a clearer understanding of your potential tax liabilities. For those interested in more granular data, we offer localized information on neighborhood trends. Your property’s assessed value, determined by Daviess County, forms the basis for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Maceo, Kentucky
Property taxes in Maceo, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Maceo is 0.83%, lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Maceo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maceo 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 Maceo's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42355 zip code has the highest median property tax rate of 0.83%, while the 42355 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Maceo provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Maceo Tax Rate
1.04%
Average Daviess County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maceo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42355 | 0.42% | 0.71% | 1.04% | 1.08% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Maceo, Kentucky
In Maceo, 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 Daviess 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 Maceo, 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. For instance, in the zip code 42355, the median tax bill is $468. 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 Maceo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Maceo Assessed Value
$64,150
Average Daviess County Assessed Value
$110,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Maceo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42355 | $10,000 | $25,000 | $64,150 | $124,150 | $194,140 |
Source: Ownwell
Property Tax Bills Across Maceo, Kentucky
In Maceo, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Maceo is $64,150. Property tax rates in this region are influenced by various factors, including local government budgets and the needs of public services such as schools and infrastructure. Homeowners in Maceo can expect their tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $194, while those in the 75th percentile pay around $1,066. The highest tax bills, found in the 90th percentile, can reach up to $1,757. The median tax bill in Daviess County, where Maceo is located, stands at $468, which is considerably lower than the national median property tax rate of 0.99%. These property taxes directly impact homeowners by contributing to the overall cost of owning a home and funding essential community services.
Average Maceo Tax Bill
$468
Average Daviess County Tax Bill
$710
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Maceo, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42355 | $86 | $194 | $468 | $1,066 | $1,757 |
Source: Ownwell