Maysville, Kentucky Property Taxes
The median property tax rate in Maysville, KY is 0.65%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Maysville, the typical annual property tax bill amounts to $1,303, which is well below the national median of $2,690. Property taxes in Maysville are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Maysville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Maysville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Maysville, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Maysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maysville 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 Maysville, Kentucky
Property taxes in Maysville, KY, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Maysville is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Maysville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Maysville 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 Maysville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41056 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Maysville 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 Maysville Tax Rate
0.65%
Average Fleming County Tax Rate
1.00%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Maysville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41056 | 0.43% | 0.55% | 0.65% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Maysville, Kentucky
In Maysville, 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 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 Maysville, 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 Maysville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41056, with a value of $1303.
Average Maysville Assessed Value
$165,000
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 Maysville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41056 | $5,900 | $59,125 | $165,000 | $186,250 | $306,000 |
Source: Ownwell
Property Tax Bills Across Maysville, Kentucky
In Maysville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $165,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $676, while the 75th percentile reaches up to $1716, and the 90th percentile can be as high as $1956. Factors such as property location, home improvements, and market conditions influence the assessed value, directly impacting the tax bill. Compared to the national median property tax rate of 0.99%, Maysville's tax rates exhibit a range that can substantially affect homeowners' finances. The highest median tax bill in the area is $1303, found in the 41056 zip code, indicating variability even within the city. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Maysville Tax Bill
$1,303
Average Fleming County Tax Bill
$620
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Maysville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41056 | $434 | $676 | $1,303 | $1,716 | $1,956 |
Source: Ownwell