Calvert City, Marshall County, Kentucky Property Taxes
The median property tax rate in Calvert City, KY is 1.05%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Calvert City at $59,000, the typical annual property tax bill reaches $613, which is significantly lower than the national median of $2,690. Property taxes in Calvert City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Calvert City'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 Calvert City 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
Calvert City, Marshall County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$620
$575
Ownwell’s Calvert City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Calvert City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Calvert City 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 Calvert City, Marshall County, Kentucky
Property taxes in Calvert City, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Calvert City stands at 1.05%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Calvert City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Calvert City 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 Calvert City's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is also 1.05%, found in zip code 42029, while the lowest median tax rate is also 1.05%, found in the same zip code. Understanding how these cities compare with Calvert City provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Calvert City Tax Rate
1.05%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calvert City, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42029 | 0.68% | 0.90% | 1.05% | 1.08% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Calvert City, Marshall County, Kentucky
In Calvert City, 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 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 Calvert City, 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 Calvert City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $613 in zip code 42029, which is also the lowest median tax bill, reflecting a consistent tax environment.
Property Tax Assessment Values Across Calvert City, Marshall County, Kentucky
Source: Ownwell
$23,500
$54,250
$85,000
Average Calvert City Assessed Value
$59,000
Average Marshall County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calvert City, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42029 | $11,000 | $20,000 | $59,000 | $100,000 | $149,100 |
Source: Ownwell
Property Tax Bills Across Calvert City, Marshall County, Kentucky
In Calvert City, located in Marshall County, KY, property tax bills are calculated based on the assessed value of the property. The median home price here is $59,000, which serves as a benchmark for determining tax obligations. The local tax rate is applied to this assessed value to compute the annual tax bill. For instance, homeowners in the 25th percentile pay around $277 annually, while those in the 75th percentile face tax bills of approximately $991. At the 90th percentile, tax bills can reach up to $1,585. Several factors influence these calculations, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Calvert City's rates can be relatively favorable, making it an attractive location for homeowners. However, higher-value properties naturally incur higher tax bills. Understanding these details helps homeowners budget effectively and anticipate their annual financial responsibilities.
Average Calvert City Tax Bill
$613
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Calvert City, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42029 | $126 | $277 | $613 | $991 | $1,585 |
Source: Ownwell