Graves County, Kentucky Property Taxes
The median property tax rate in Graves County is 0.67%, which is significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Graves County at $80,000, the typical annual property tax bill is around $394, well below the national median of $2,690. Property taxes in Graves County are calculated based on the assessed value, which is often less than the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Graves County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide substantial annual savings. Whether you live in Mayfield or another part of Graves County, gaining comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Graves County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$536
$497
Ownwell’s Graves County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Graves County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Graves County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Graves County, Kentucky
Property taxes in Graves County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Graves County is 0.67%, which is lower than the U.S. national median of 0.99%. Local government entities within Graves County set these rates annually, and they can vary significantly between different areas within the county. Each year, Graves County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Symsonia has one of the higher property tax rates in the region at 0.90%, while the city of Mayfield boasts one of the lowest at 0.45%. Analyzing how Graves County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Graves County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benton | 0.21% | 0.41% | 0.70% | 0.83% | 0.88% |
| Boaz | 0.17% | 0.40% | 0.80% | 0.85% | 0.90% |
| Cunningham | 0.12% | 0.36% | 0.80% | 0.85% | 0.94% |
| Fancy Farm | 0.26% | 0.58% | 0.83% | 0.87% | 0.90% |
| Farmington | 0.16% | 0.37% | 0.80% | 0.85% | 0.96% |
| Fulton | 0.14% | 0.24% | 0.55% | 0.84% | 0.93% |
| Hazel | N/A | N/A | N/A | N/A | N/A |
| Hickory | 0.20% | 0.51% | 0.80% | 0.86% | 0.93% |
| Kirksey | 0.16% | 0.27% | 0.82% | 0.85% | 0.90% |
| Lowes | 0.31% | 0.80% | 0.82% | 1.02% | 1.22% |
| Mayfield | 0.22% | 0.36% | 0.45% | 0.83% | 0.88% |
| Melber | 0.17% | 0.43% | 0.80% | 0.83% | 0.89% |
| Murray | 0.28% | 0.52% | 0.80% | 0.86% | 0.90% |
| Paducah | N/A | N/A | N/A | N/A | N/A |
| Sedalia | 0.15% | 0.34% | 0.80% | 0.87% | 0.96% |
| Symsonia | 0.35% | 0.58% | 0.90% | 0.90% | 0.90% |
| Water Valley | 0.16% | 0.45% | 0.80% | 0.89% | 1.00% |
| Wingo | 0.18% | 0.45% | 0.80% | 0.87% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Graves County, Kentucky
In Graves County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Graves County Appraisal District. The assessed value, however, 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. Assessment notices in Graves County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Paducah has the highest median tax bill at $1,155, while Hazel has the lowest at $203. Being aware of these valuation processes in Graves County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Graves County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benton | $5,200 | $30,000 | $85,000 | $148,500 | $279,600 |
| Boaz | $12,990 | $43,000 | $104,000 | $195,000 | $340,000 |
| Cunningham | $5,000 | $34,000 | $115,000 | $280,000 | $475,000 |
| Fancy Farm | $5,000 | $21,350 | $85,000 | $160,000 | $280,000 |
| Farmington | $6,000 | $25,000 | $80,000 | $200,000 | $483,000 |
| Fulton | $6,250 | $25,000 | $85,000 | $215,000 | $420,000 |
| Hazel | N/A | N/A | N/A | N/A | N/A |
| Hickory | $8,000 | $30,000 | $85,000 | $169,500 | $275,800 |
| Kirksey | $11,600 | $40,000 | $125,000 | $150,000 | $186,000 |
| Lowes | $1,750 | $5,750 | $13,500 | $23,750 | $102,500 |
| Mayfield | $5,000 | $30,000 | $77,000 | $138,000 | $229,100 |
| Melber | $12,000 | $49,500 | $140,000 | $270,000 | $421,300 |
| Murray | $24,960 | $41,500 | $118,500 | $178,450 | $450,000 |
| Paducah | N/A | N/A | N/A | N/A | N/A |
| Sedalia | $7,000 | $28,000 | $69,000 | $153,002 | $357,000 |
| Symsonia | $7,501 | $30,000 | $84,000 | $155,000 | $230,501 |
| Water Valley | $3,000 | $10,000 | $40,000 | $89,250 | $171,700 |
| Wingo | $6,300 | $37,500 | $85,000 | $139,900 | $250,000 |
Source: Ownwell
Property Tax Bills Across Graves County, Kentucky
In Graves County, KY, 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, the median home price in Graves County is $80,000. Homeowners in this area experience a range of tax bills, with the 25th percentile paying around $129 and the 75th percentile facing bills up to $865. The 90th percentile sees tax bills as high as $1,476. Several factors influence these tax bills, including the assessed value of the property, local tax rates, and any applicable exemptions. These property taxes can significantly impact homeowners, as they contribute to the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, Graves County offers a relatively affordable property tax environment. However, within the county, there's a notable variation, with the highest median tax bill in Paducah at $1,155 and the lowest in Hazel at $203.
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Graves County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Benton | $40 | $90 | $503 | $767 | $1,317 |
| Boaz | $69 | $233 | $603 | $1,166 | $1,631 |
| Cunningham | $48 | $185 | $482 | $1,303 | $2,241 |
| Fancy Farm | $40 | $125 | $579 | $1,095 | $1,899 |
| Farmington | $40 | $161 | $449 | $1,046 | $1,681 |
| Fulton | $40 | $151 | $432 | $745 | $1,340 |
| Hazel | N/A | N/A | N/A | N/A | N/A |
| Hickory | $48 | $169 | $522 | $1,063 | $1,608 |
| Kirksey | $74 | $239 | $555 | $1,045 | $1,490 |
| Lowes | $14 | $40 | $80 | $221 | $864 |
| Mayfield | $36 | $120 | $338 | $770 | $1,363 |
| Melber | $78 | $287 | $753 | $1,509 | $2,273 |
| Murray | $144 | $374 | $643 | $1,113 | $1,515 |
| Paducah | N/A | N/A | N/A | N/A | N/A |
| Sedalia | $40 | $171 | $441 | $839 | $1,431 |
| Symsonia | $63 | $214 | $591 | $1,130 | $1,723 |
| Water Valley | $24 | $60 | $241 | $607 | $1,005 |
| Wingo | $40 | $190 | $483 | $894 | $1,361 |
Source: Ownwell