Meally, Kentucky Property Taxes
The median property tax rate in Meally, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $47,500 in Meally, the typical annual property tax bill amounts to $324, which is significantly lower than the national median of $2,690. Property taxes in Meally are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Meally'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 Meally or another part of Johnson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Meally, 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 Meally Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meally with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meally 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 Meally, Kentucky
Property taxes in Meally, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Meally is 0.62%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Meally set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meally 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 Meally's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41234 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Meally provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meally Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meally, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41234 | 0.24% | 0.45% | 1.01% | 1.05% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Meally, Kentucky
In Meally, 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 Johnson 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 Meally, 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 Meally helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Meally, the highest median tax bill is $324.00 in the zip code 41234, while the lowest median tax bill is also $324.00 in the same zip code, reflecting a consistent property tax environment.
Average Meally Assessed Value
$47,500
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meally, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41234 | $8,900 | $25,000 | $47,500 | $75,000 | $127,780 |
Source: Ownwell
Property Tax Bills Across Meally, Kentucky
In Meally, KY, property tax bills are calculated based on the assessed value of the home, which is determined by the Johnson County tax assessor. The median home price in Meally is $47,500, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as local tax rates and any applicable exemptions or deductions can influence the final amount. Homeowners in Meally typically see a range of tax bills. For instance, the 25th percentile tax bill is $154, while the 75th percentile tax bill reaches $597. The 90th percentile tax bill can go as high as $1,006, indicating a significant variation depending on the property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Meally's property taxes are relatively low, providing some financial relief to homeowners. This can make homeownership more affordable, though it also means local services funded by property taxes may have different resource levels.
Average Meally Tax Bill
$324
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Meally, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41234 | $56 | $154 | $324 | $597 | $1,006 |
Source: Ownwell