Paint Lick, Madison County, Kentucky Property Taxes
The median property tax rate in Paint Lick, KY is 0.97%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $137,000 in Paint Lick, the typical annual property tax bill is $1,211, which is significantly lower than the national median of $2,690. Property taxes in Paint Lick are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Paint Lick'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 Paint Lick or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paint Lick, Madison County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,329
$1,233
Ownwell’s Paint Lick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paint Lick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paint Lick 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 Paint Lick, Madison County, Kentucky
Property taxes in Paint Lick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paint Lick is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Paint Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paint Lick 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 Paint Lick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40461 zip code has a median property tax rate of 0.97%. Understanding how these cities compare with Paint Lick provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paint Lick Tax Rate
0.97%
Average Madison County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paint Lick, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40461 | 0.68% | 0.84% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Paint Lick, Madison County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Paint Lick, Kentucky. 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 Madison 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 Paint Lick, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Paint Lick is $137,000, with tax bills ranging from $473 at the 25th percentile to $2,432 at the 90th percentile. The highest and lowest median tax bill in the area is $1,211, found in the 40461 zip code.
Property Tax Assessment Values Across Paint Lick, Madison County, Kentucky
Source: Ownwell
$85,000
$123,900
$162,800
Average Paint Lick Assessed Value
$137,000
Average Madison County Assessed Value
$149,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paint Lick, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40461 | $16,100 | $59,000 | $137,000 | $190,600 | $256,800 |
Source: Ownwell
Property Tax Bills Across Paint Lick, Madison County, Kentucky
In Paint Lick, 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 tax rate to determine the annual tax bill. For example, with a median home price of $137,000, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $473, while at the 75th percentile, it rises to around $1,703. For those at the 90th percentile, it can reach up to $2,432. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Paint Lick may find their tax obligations to be relatively moderate, but they still play a significant role in the overall cost of homeownership.
Average Paint Lick Tax Bill
$1,211
Average Madison County Tax Bill
$1,352
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Paint Lick, Madison County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40461 | $117 | $473 | $1,211 | $1,703 | $2,432 |
Source: Ownwell