Kirksey, Kentucky Property Taxes
The median property tax rate in Kirksey, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $125,000 in Kirksey, the typical annual property tax bill is $555, significantly below the national median of $2,690. Property taxes in Kirksey are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Kirksey's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Kirksey or another part of Graves County, a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Kirksey, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,025
Ownwell’s Kirksey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kirksey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kirksey 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 Kirksey, Kentucky
Property taxes in Kirksey, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kirksey is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Kirksey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kirksey 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 Kirksey's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 42054 zip code has the highest median property tax rate of 0.82%, while the 42054 zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Kirksey provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kirksey Tax Rate
0.82%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kirksey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42054 | 0.16% | 0.27% | 0.82% | 0.85% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Kirksey, Kentucky
In Kirksey, 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 Graves 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 Kirksey, 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 Kirksey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42054 has the highest and lowest median tax bill at $555.
Average Kirksey Assessed Value
$125,000
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 Kirksey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42054 | $11,600 | $40,000 | $125,000 | $150,000 | $186,000 |
Source: Ownwell
Property Tax Bills Across Kirksey, Kentucky
In Kirksey, located in Graves County, KY, property tax bills are calculated based on the assessed value of your home and the local tax rate. The median home price in the area is $125,000. Property tax rates in Kirksey are considerably lower than the national median property tax rate of 0.99%. For instance, the 25th percentile tax bill is $239, while the 75th percentile tax bill reaches $1,045, and the 90th percentile tax bill can be as high as $1,490. These tax bills are influenced by several factors, including the assessed value of the property, any applicable exemptions, and the specific tax rates set by local taxing authorities. For homeowners in Kirksey, understanding these factors is crucial for financial planning and budgeting. Lower property tax rates can make homeownership more affordable, but it's important to stay informed about any changes in local tax policies that might affect future tax bills.
Average Kirksey Tax Bill
$555
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kirksey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42054 | $74 | $239 | $555 | $1,045 | $1,490 |
Source: Ownwell