Magnolia, Kentucky Property Taxes
The median property tax rate in Magnolia, KY is 0.99%, aligning exactly with the national median of 0.99% but slightly below the Kentucky state median of 1.02%. With a median home value of $63,000 in Magnolia, the typical annual property tax bill is $479, significantly lower than the national median of $2,690. Property taxes in Magnolia are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia 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
Magnolia, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$624
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Kentucky
Property taxes in Magnolia, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 0.99%, aligning with both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42757 zip code has the highest median property tax rate of 0.99%, while the same 42757 zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Hart County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
0.99%
Average Hart County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42757 | 0.34% | 0.74% | 0.99% | 1.08% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Magnolia, KY. 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 local 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 Magnolia, 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 Magnolia 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 42757, with a tax bill of $479.00, which is significantly lower than the national median property tax rate of 0.99%.
Average Magnolia Assessed Value
$63,000
Average Hart County Assessed Value
$61,600
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42757 | $8,000 | $26,000 | $63,000 | $106,625 | $158,821 |
Source: Ownwell
Property Tax Bills Across Magnolia, Kentucky
In Magnolia, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Magnolia is $63,000. The tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and market conditions influence the assessed value, ultimately affecting the tax bill. Homeowners in Magnolia often see property tax bills varying significantly. For instance, the tax bill at the 25th percentile is around $179, while at the 75th percentile, it reaches $938. Those at the 90th percentile can expect to pay up to $1,434. The highest and lowest median tax bills in the area both stand at $479, specifically in the zip code 42757. This variability in property tax bills means that homeowners need to be aware of how changes in property assessments and tax rates can impact their annual expenses. It underscores the importance of understanding local property tax regulations and staying informed about potential changes that could affect their financial planning.
Average Magnolia Tax Bill
$479
Average Hart County Tax Bill
$492
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42757 | $70 | $179 | $479 | $938 | $1,434 |
Source: Ownwell