Kevil, Kentucky Property Taxes
The median property tax rate in Kevil, KY is 0.97%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $41,500 in Kevil, the typical annual property tax bill amounts to $342, which is significantly lower than the national median of $2,690. Property taxes in Kevil are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Kevil's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Kevil or another part of McCracken County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kevil, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$403
Ownwell’s Kevil Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kevil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kevil 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 Kevil, Kentucky
Property taxes in Kevil, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kevil is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Kevil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kevil 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 Kevil's effective property tax rate to other regions in Kentucky and the national median. For comparison, the zip code 42053 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 Kevil provides valuable insights into the varying tax landscape across McCracken County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kevil 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 Kevil, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42053 | 0.57% | 0.82% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Kevil, Kentucky
In Kevil, 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 McCracken 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. 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 Kevil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Kevil is $342.00 in zip code 42053.
Average Kevil Assessed Value
$41,500
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 Kevil, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42053 | $2,100 | $10,000 | $41,500 | $110,800 | $177,700 |
Source: Ownwell
Property Tax Bills Across Kevil, Kentucky
In Kevil, located in McCracken County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Kevil is $41,500. To determine the tax bill, the assessed value is multiplied by the local property tax rate. Various factors influence the assessed value, including the home's market value, location, and condition. Homeowners in Kevil can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is $90, while at the 75th percentile, it rises to $839. At the 90th percentile, homeowners might see a tax bill as high as $1,463. These figures highlight the variability in tax bills based on property values and assessments. Compared to the national median property tax rate of 0.99%, Kevil's property tax rates can significantly impact homeowners, particularly those with higher-valued properties. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Kevil Tax Bill
$342
Average Mccracken County Tax Bill
$446
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kevil, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42053 | $19 | $90 | $342 | $839 | $1,463 |
Source: Ownwell