Gravel Switch, Marion County, Kentucky Property Taxes
The median property tax rate in Gravel Switch, KY is 0.60%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $100,000 in Gravel Switch, the typical annual property tax bill amounts to $571, which is well below the national median of $2,690. Property taxes in Gravel Switch are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Gravel Switch'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 Gravel Switch or another part of Marion County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gravel Switch, Marion County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$600
$557
Ownwell’s Gravel Switch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gravel Switch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gravel Switch 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 Gravel Switch, Marion County, Kentucky
Property taxes in Gravel Switch, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravel Switch is 0.60%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Gravel Switch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravel Switch 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 Gravel Switch's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40328 has both the highest and lowest median property tax rate of 0.60%. Understanding how these areas compare with Gravel Switch provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gravel Switch Tax Rate
0.60%
Average Marion County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravel Switch, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40328 | 0.14% | 0.26% | 0.60% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Gravel Switch, Marion County, Kentucky
In Gravel Switch, 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 Marion 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 Gravel Switch, 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 Gravel Switch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40328 in Gravel Switch has both the highest and lowest median tax bill, which is $571.
Property Tax Assessment Values Across Gravel Switch, Marion County, Kentucky
Source: Ownwell
$75,000
$122,500
$170,000
Average Gravel Switch Assessed Value
$100,000
Average Marion County Assessed Value
$120,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gravel Switch, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40328 | $20,000 | $42,750 | $100,000 | $175,000 | $348,800 |
Source: Ownwell
Property Tax Bills Across Gravel Switch, Marion County, Kentucky
Property tax bills in Gravel Switch, located in Marion County, KY, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $100,000, homeowners can expect their property tax bill to vary. The 25th percentile tax bill is $242, while the 75th percentile reaches $987, and the 90th percentile climbs to $1,378. These figures show a range of potential tax burdens depending on the specific property and its assessed value. Homeowners in Gravel Switch should be aware that the local tax rate can significantly influence their annual tax bill. When compared to the national median property tax rate of 0.99%, the tax rates in this region can result in different financial obligations. Understanding how these factors interplay helps homeowners better anticipate their annual property tax expenses and plan their finances accordingly.
Average Gravel Switch Tax Bill
$571
Average Marion County Tax Bill
$852
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravel Switch, Marion County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40328 | $88 | $242 | $571 | $987 | $1,378 |
Source: Ownwell