Mc Kee, Kentucky Property Taxes
The median property tax rate in Mc Kee, KY is 1.07%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Mc Kee at $24,000, the typical annual property tax bill is $71, which is significantly lower than the national median of $2,690. Property taxes in Mc Kee are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mc Kee'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 Mc Kee 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
Mc Kee, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$257
Ownwell’s MC KEE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KEE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KEE 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 Mc Kee, Kentucky
Property taxes in MC KEE, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KEE is 0.75%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within MC KEE set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KEE 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 MC KEE's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40447 zip code has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with MC KEE provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kee Tax Rate
1.07%
Average Estill County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | 0.31% | 1.07% | 1.07% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kee, Kentucky
In MC KEE, Kentucky, understanding the difference between "market value" and "assessed value" is essential 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 Jackson County Property Valuation Administrator 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 MC KEE, 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 MC KEE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Kee Assessed Value
$24,000
Average Estill County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | $3,000 | $5,000 | $24,000 | $57,500 | $115,000 |
Source: Ownwell
Property Tax Bills Across Mc Kee, Kentucky
In MC KEE, located in Estill County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $24,000. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $38 and the 75th percentile tax bill at $437. High-value properties in the 90th percentile can see tax bills as high as $1,251. The assessed value is determined by the local tax assessor, who considers factors such as the property's market value, location, and any improvements made to the home. The tax rate applied to the assessed value is then used to calculate the final tax bill. For homeowners, understanding these factors is crucial as it directly impacts their annual financial obligations. Compared to the national median property tax rate of 0.99%, the tax rates in MC KEE can offer some relief, especially for lower-valued properties. However, higher-valued properties may still face substantial tax bills.
Average Mc Kee Tax Bill
$71
Average Estill County Tax Bill
$279
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | $12 | $38 | $71 | $437 | $1,251 |
Source: Ownwell