Maysville, Mason County, Kentucky Property Taxes
The median property tax rate in Maysville, KY is 1.07%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Maysville at $68,920, the typical annual property tax bill amounts to $667, which is below the national median of $2,690. Property taxes in Maysville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Maysville'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 Maysville 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
Maysville, Mason County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$737
$684
Ownwell’s Maysville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Maysville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Maysville 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 Maysville, Mason County, Kentucky
Property taxes in Maysville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Maysville is 1.07%, significantly higher than the U.S. national median of 0.99%. Local government entities within Maysville set these rates annually, and they can vary across different neighborhoods. Each year, Maysville 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 Maysville's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41056 has the highest median property tax rate of 1.07%, while the same zip code also has the lowest median tax rate of 1.07%. Understanding how these areas compare with Maysville 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 Maysville 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 Maysville, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41056 | 0.35% | 0.83% | 1.07% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Maysville, Mason County, Kentucky
In Maysville, 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 Property Valuation Administrator 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 Maysville, 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. The median home price in Maysville is $68,920, with tax bills ranging from $283 at the 25th percentile to $2,021 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Maysville, Mason County, Kentucky
Source: Ownwell
$64,000
$114,686
$165,371
Average Maysville Assessed Value
$68,920
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 Maysville, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41056 | $13,000 | $35,000 | $68,920 | $136,490 | $217,080 |
Source: Ownwell
Property Tax Bills Across Maysville, Mason County, Kentucky
In Maysville, property tax bills are determined based on the assessed value of your home. This assessed value is a percentage of the market value, which is then multiplied by the local tax rate. For instance, the median home price in Maysville is $68,920. Property tax bills in this area can vary significantly, with the 25th percentile tax bill at around $283 and the 75th percentile reaching $1,314. At the higher end, the 90th percentile tax bill is approximately $2,021. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Maysville's rates can be relatively moderate, making it an attractive option for homeowners seeking affordability. Understanding these factors can help homeowners budget effectively and potentially seek out exemptions to reduce their tax burden.
Average Maysville Tax Bill
$667
Average Mason County Tax Bill
$649
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Maysville, Mason County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41056 | $110 | $283 | $667 | $1,314 | $2,021 |
Source: Ownwell