Paducah, Kentucky Property Taxes
The median property tax rate in Paducah, KY is 0.79%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Paducah at $82,425, the typical annual property tax bill is approximately $456, significantly below the national median of $2,690. Property taxes in Paducah are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Paducah'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 Paducah 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
Paducah, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$651
Ownwell’s Paducah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paducah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paducah 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 Paducah, Kentucky
Property taxes in Paducah, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paducah is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Paducah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paducah 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 Paducah's effective property tax rate to other areas in McCracken County and the national median. For comparison, the 42003 zip code has the highest median property tax rate of 0.81%, while the 42001 zip code has the lowest median tax rate of 0.79%. Understanding how these areas compare with Paducah 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 Paducah Tax Rate
0.79%
Average Mccracken County Tax Rate
0.84%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paducah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42001 | 0.27% | 0.36% | 0.79% | 0.96% | 0.98% |
| 42003 | 0.36% | 0.36% | 0.81% | 0.97% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Paducah, Kentucky
In Paducah, 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 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 Paducah, 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. For instance, the highest median tax bill in Paducah is $759 in the 42001 zip code, while the lowest is $272 in the 42003 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paducah Assessed Value
$82,425
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 Paducah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42001 | $7,000 | $45,660 | $136,200 | $226,550 | $334,400 |
| 42003 | $2,500 | $10,000 | $52,000 | $124,445 | $210,000 |
Source: Ownwell
Property Tax Bills Across Paducah, Kentucky
In Paducah, McCracken County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $82,425, homeowners can expect varying tax bills depending on their property's assessed value and applicable tax rate. Factors such as property location, improvements, and market conditions are considered in the assessment. In Paducah, the tax bill at the 25th percentile is around $98, while at the 75th percentile, it rises to approximately $1,452. At the 90th percentile, homeowners may see tax bills as high as $2,661. The highest median tax bill in the area is $759 in the 42001 zip code, whereas the lowest median tax bill is $272 in the 42003 zip code. These property taxes significantly impact homeowners by influencing their annual financial obligations and potentially affecting their ability to invest in property improvements or other financial ventures.
Average Paducah Tax Bill
$456
Average Mccracken County Tax Bill
$446
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Paducah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42001 | $40 | $208 | $759 | $2,000 | $3,351 |
| 42003 | $10 | $59 | $272 | $946 | $1,753 |
Source: Ownwell