Martin County, Kentucky Property Taxes
The median property tax rate in Martin County is 1.41%, which is significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Martin County at $33,161, the typical annual property tax bill reaches $308, which is well below the national median of $2,690. Property taxes in Martin County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Martin County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Inez or another part of Martin County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Martin County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$468
$434
Ownwell’s Martin County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Martin County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Martin County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Martin County, Kentucky
Property taxes in Martin County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Martin County is 1.41%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Martin County set these rates annually, and they can vary significantly between different areas within the county. Each year, Martin County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Martin County's effective property tax rate with other regions in Kentucky and the national median. For comparison, the city of Louisa has one of the higher property tax rates in Kentucky at 1.51%, while the city of Belfry boasts one of the lowest at 0.86%. Analyzing how Martin County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martin County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beauty | 0.33% | 0.47% | 1.48% | 1.83% | 2.41% |
| Belfry | 0.30% | 0.44% | 0.86% | 1.78% | 2.37% |
| Debord | 0.37% | 0.72% | 1.50% | 1.88% | 2.56% |
| Inez | 0.33% | 0.58% | 1.40% | 1.68% | 2.32% |
| Louisa | 0.37% | 0.48% | 1.51% | 1.90% | 3.02% |
| Lovely | 0.32% | 0.54% | 1.46% | 1.78% | 2.48% |
| Pilgrim | 0.27% | 0.41% | 1.36% | 1.78% | 2.64% |
| Tomahawk | 0.34% | 0.60% | 1.36% | 1.78% | 2.87% |
| Warfield | 0.32% | 0.47% | 1.28% | 1.78% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Martin County, Kentucky
In Martin County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Martin County Appraisal District. The assessed value, however, 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. Assessment notices in Martin County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Martin County, the highest median tax bill is in Inez at $379, while Louisa has the lowest at $192. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martin County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beauty | $6,000 | $13,000 | $26,000 | $47,000 | $69,800 |
| Belfry | $8,000 | $17,250 | $30,150 | $50,375 | $70,550 |
| Debord | $6,500 | $12,750 | $27,800 | $58,125 | $92,800 |
| Inez | $7,500 | $20,000 | $39,000 | $71,375 | $124,150 |
| Louisa | $4,450 | $10,000 | $24,000 | $37,675 | $68,200 |
| Lovely | $6,000 | $15,450 | $32,250 | $56,250 | $86,800 |
| Pilgrim | $6,850 | $18,000 | $32,938 | $50,000 | $70,150 |
| Tomahawk | $5,000 | $12,500 | $28,000 | $54,000 | $88,000 |
| Warfield | $8,220 | $16,250 | $35,500 | $60,000 | $88,525 |
Source: Ownwell
Property Tax Bills Across Martin County, Kentucky
In Martin County, KY, property tax bills are calculated based on the assessed value of your home. The median home price in the county is $33,161, which serves as a baseline for tax assessments. The tax rate is applied to this assessed value to determine your annual tax bill. Several factors influence the final tax bill, including the specific tax rate set by local authorities and any applicable exemptions or deductions. For instance, the tax bill for homeowners at the 25th percentile is around $105, while those at the 75th percentile pay approximately $647. At the 90th percentile, the tax bill can reach up to $1,191. Comparatively, the highest median tax bill in the county is $379 in Inez, whereas Louisa has the lowest at $192. These variations can significantly affect homeowners, impacting their annual expenses and the overall affordability of owning property in different parts of the county. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Martin County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beauty | $105 | $105 | $242 | $468 | $772 |
| Belfry | $105 | $105 | $224 | $437 | $807 |
| Debord | $105 | $137 | $326 | $590 | $1,094 |
| Inez | $105 | $112 | $379 | $797 | $1,550 |
| Louisa | $105 | $105 | $192 | $444 | $889 |
| Lovely | $105 | $105 | $302 | $642 | $1,054 |
| Pilgrim | $94 | $105 | $234 | $498 | $810 |
| Tomahawk | $105 | $105 | $245 | $562 | $986 |
| Warfield | $105 | $105 | $281 | $673 | $1,133 |
Source: Ownwell