Mayslick, Mason County, Kentucky Property Taxes
The median property tax rate in Mayslick, 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 Mayslick at $96,850, the typical annual property tax bill amounts to $694, which is significantly lower than the national median of $2,690. Property taxes in Mayslick are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Mayslick'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 Mayslick 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
Mayslick, Mason County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$1,036
$962
Ownwell’s Mayslick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayslick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayslick 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 Mayslick, Mason County, Kentucky
Property taxes in Mayslick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayslick is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Mayslick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayslick 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 Mayslick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41055 zip code has the highest median property tax rate of 1.07%, while the same 41055 zip code also has the lowest median tax rate of 1.07%. Understanding how these cities compare with Mayslick provides valuable insights into the varying tax landscape across Mason County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayslick Tax Rate
1.07%
Average Mason County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayslick, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | 0.18% | 0.34% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Mayslick, Mason County, Kentucky
In Mayslick, 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 Mason 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 Mayslick, 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 Mayslick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $694.00, found in the 41055 zip code.
Property Tax Assessment Values Across Mayslick, Mason County, Kentucky
Source: Ownwell
$64,000
$114,686
$165,371
Average Mayslick Assessed Value
$96,850
Average Mason County Assessed Value
$70,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayslick, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | $16,525 | $46,350 | $96,850 | $244,919 | $391,515 |
Source: Ownwell
Property Tax Bills Across Mayslick, Mason County, Kentucky
In Mayslick, Mason County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Mayslick is $96,850. The tax rate applied to this assessed value ultimately determines the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. The tax bill can vary significantly, as evidenced by the 25th percentile tax bill of $305 and the 75th percentile tax bill of $1,331, with the 90th percentile reaching up to $2,304. Compared to the national median property tax rate of 0.99%, homeowners in Mayslick may find their tax bills to be relatively moderate. The highest median tax bill in the area is $694, which is consistent across the zip code 41055. Understanding these factors helps homeowners anticipate their annual expenses and manage their budgets effectively. The property tax system ensures that the tax burden is distributed based on property values, contributing to local public services and infrastructure.
Average Mayslick Tax Bill
$694
Average Mason County Tax Bill
$649
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayslick, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | $115 | $305 | $694 | $1,331 | $2,304 |
Source: Ownwell