Calvert City, Kentucky Property Taxes
The median property tax rate in Calvert City, KY is 0.97%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $20,450, the typical annual property tax bill in Calvert City is $199, significantly below 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 exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Calvert City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Calvert City or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Calvert City, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$198
Ownwell’s Calvert City Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to 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, Kentucky
Property taxes in Calvert City, Kentucky, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Calvert City is 0.97%, slightly below 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 zip code 42029 has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these areas 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
0.97%
Average Mccracken County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Calvert City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42029 | 0.97% | 0.97% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Calvert City, 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 county assessment office 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 zip code with the highest and lowest median tax bills in McCracken County both have a median tax bill of $199.
Average Calvert City Assessed Value
$20,450
Average Mccracken County Assessed Value
$78,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Calvert City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42029 | $16,810 | $18,175 | $20,450 | $22,725 | $24,090 |
Source: Ownwell
Property Tax Bills Across Calvert City, Kentucky
In Calvert City, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The tax rate is applied to this assessed value to generate the annual tax bill. Critical factors considered include the property's market value, any applicable exemptions, and the local tax rate. For instance, in McCracken County, the median home price is $20,450, and the median property tax bill is $199. This is significantly lower than the national median property tax rate of 0.99%. Homeowners in Calvert City experience a range of tax bills. The 25th percentile tax bill is $177, while the 75th percentile reaches $221, and the 90th percentile is $235. These figures reflect the variability in property values and the impact of local tax policies. Lower property tax bills can make homeownership more affordable, but they also influence the funding available for public services like schools and infrastructure.
Average Calvert City Tax Bill
$199
Average Mccracken County Tax Bill
$446
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Calvert City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42029 | $164 | $177 | $199 | $221 | $235 |
Source: Ownwell