Kirksey, Marshall County, Kentucky Property Taxes
The median property tax rate in Kirksey, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Kirksey at $23,500, the typical annual property tax bill amounts to $453, which is significantly lower than the national median of $2,690. Property taxes in Kirksey are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Kirksey'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 Kirksey 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
Kirksey, Marshall County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$251
$233
Ownwell’s Kirksey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kirksey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kirksey 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 Kirksey, Marshall County, Kentucky
Property taxes in Kirksey, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Kirksey is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Kirksey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kirksey 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 Kirksey's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42054 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Kirksey 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 Kirksey Tax Rate
1.07%
Average Marshall County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kirksey, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42054 | 1.07% | 1.07% | 1.07% | 1.07% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Kirksey, Marshall County, Kentucky
In Kirksey, 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 Marshall 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 Kirksey, 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. For instance, the median home price in Kirksey is $23,500, with tax bills ranging from $156 at the 25th percentile to $1,156 at the 90th percentile. The zip code 42054 has both the highest and lowest median tax bill at $453. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Kirksey, Marshall County, Kentucky
Source: Ownwell
$23,500
$54,250
$85,000
Average Kirksey Assessed Value
$23,500
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 Kirksey, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42054 | $9,000 | $11,750 | $23,500 | $86,000 | $115,500 |
Source: Ownwell
Property Tax Bills Across Kirksey, Marshall County, Kentucky
In Kirksey, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value is a percentage of the market value of the property. Factors such as location within Marshall County, property size, and improvements can influence this assessed value. Homeowners in Kirksey see a wide range of tax bills, with the 25th percentile at $156 and the 75th percentile reaching $747. For those at the higher end, the 90th percentile tax bill is $1,156. Compared to the national median property tax rate of 0.99%, Kirksey's property tax rates reflect the local economic conditions and property values. For instance, the median home price in Kirksey is $23,500, which significantly impacts the overall tax bill. Homeowners in Kirksey benefit from relatively lower property tax bills, allowing for more manageable annual expenses. Understanding these factors can help residents anticipate their financial obligations and plan accordingly for their property tax payments.
Average Kirksey Tax Bill
$453
Average Marshall County Tax Bill
$728
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kirksey, Marshall County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42054 | $107 | $156 | $453 | $747 | $1,156 |
Source: Ownwell