Mayslick, Fleming County, Kentucky Property Taxes
The median property tax rate in Mayslick, KY is 1.00%, slightly higher than the national median of 0.99% but lower than the Kentucky state median of 1.02%. With a median home value of $118,500 in Mayslick, the typical annual property tax bill is $919, which is significantly below the national median of $2,690. Property taxes in Mayslick are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Mayslick'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 Mayslick 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
Mayslick, Fleming County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,185
$1,100
Ownwell’s Mayslick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayslick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayslick 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 Mayslick, Fleming County, Kentucky
Property taxes in Mayslick, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayslick is 1.00%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Mayslick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayslick 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 Mayslick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41055 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Mayslick provides valuable insights into the varying tax landscape across Fleming County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayslick Tax Rate
1.00%
Average Fleming County Tax Rate
1.00%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayslick, Fleming County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | 0.35% | 0.49% | 1.00% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Mayslick, Fleming County, Kentucky
In Mayslick, 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 Fleming 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 Mayslick, 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 Mayslick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mayslick stands at $118,500, with tax bills ranging from $304 at the 25th percentile to $2,862 at the 90th percentile. The zip code 41055 has both the highest and lowest median tax bill at $919.
Property Tax Assessment Values Across Mayslick, Fleming County, Kentucky
Source: Ownwell
$65,000
$115,000
$165,000
Average Mayslick Assessed Value
$118,500
Average Fleming County Assessed Value
$78,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayslick, Fleming County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | $17,600 | $66,375 | $118,500 | $208,750 | $560,000 |
Source: Ownwell
Property Tax Bills Across Mayslick, Fleming County, Kentucky
In Mayslick, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $118,500, the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Fleming County, the median property tax bill is $919, which is relatively lower compared to the national median property tax rate of 0.99%. Homeowners in the 25th percentile can expect a tax bill around $304, while those in the 75th percentile might see bills up to $1,603. At the 90th percentile, tax bills can reach as high as $2,862. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in Mayslick.
Average Mayslick Tax Bill
$919
Average Fleming County Tax Bill
$620
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayslick, Fleming County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | $149 | $304 | $919 | $1,603 | $2,862 |
Source: Ownwell