Mccreary County, Kentucky Property Taxes
The median property tax rate in McCreary County is 0.82%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in McCreary County, the typical annual property tax bill is $204, significantly less than the national median of $2,690. Property taxes in McCreary County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding McCreary County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Whitley City or another part of McCreary County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mccreary County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$303
$282
Ownwell’s McCreary County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in McCreary County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in McCreary County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Mccreary County, Kentucky
Property taxes in McCreary County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in McCreary County is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within McCreary County set these rates annually, and they can vary significantly between different areas within the county. Each year, McCreary County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares McCreary County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Beulah Heights has one of the higher property tax rates in Kentucky at 0.82%, while the city of Greenwood boasts one of the lowest at 0.82%. Analyzing how McCreary County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mccreary County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beulah Heights | N/A | N/A | N/A | N/A | N/A |
| Greenwood | 0.45% | 0.82% | 0.82% | 0.82% | 0.82% |
| Honeybee | 0.30% | 0.41% | 0.82% | 0.82% | 0.82% |
| Marshes Siding | 0.40% | 0.82% | 0.82% | 0.82% | 0.82% |
| Parkers Lake | 0.41% | 0.82% | 0.82% | 0.82% | 0.82% |
| Pine Knot | 0.28% | 0.82% | 0.82% | 0.82% | 0.82% |
| Revelo | N/A | N/A | N/A | N/A | N/A |
| Sawyer | 0.38% | 0.63% | 0.82% | 0.82% | 0.82% |
| Stearns | 0.25% | 0.82% | 0.82% | 0.82% | 0.82% |
| Strunk | 0.32% | 0.82% | 0.82% | 0.82% | 0.82% |
| Whitley City | 0.28% | 0.82% | 0.82% | 0.82% | 0.82% |
| Williamsburg | 0.29% | 0.62% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Mccreary County, Kentucky
In McCreary County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the McCreary County Appraisal District. The assessed value, however, 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 in McCreary County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Beulah Heights has the highest median tax bill at $257, while Parkers Lake has the lowest at $103. Being aware of these valuation processes in McCreary County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mccreary County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beulah Heights | N/A | N/A | N/A | N/A | N/A |
| Greenwood | $1,500 | $3,375 | $6,250 | $12,200 | $38,000 |
| Honeybee | $3,750 | $6,875 | $16,500 | $34,500 | $46,500 |
| Marshes Siding | $3,000 | $5,900 | $31,500 | $60,000 | $90,500 |
| Parkers Lake | $2,000 | $4,550 | $18,000 | $50,000 | $84,800 |
| Pine Knot | $3,000 | $10,000 | $42,000 | $80,000 | $130,000 |
| Revelo | N/A | N/A | N/A | N/A | N/A |
| Sawyer | $1,300 | $3,600 | $8,000 | $32,000 | $62,000 |
| Stearns | $3,000 | $10,000 | $39,000 | $70,000 | $118,000 |
| Strunk | $3,520 | $11,000 | $40,000 | $79,375 | $140,000 |
| Whitley City | $2,500 | $10,000 | $40,000 | $75,000 | $120,000 |
| Williamsburg | $2,230 | $6,000 | $26,000 | $53,000 | $94,500 |
Source: Ownwell
Property Tax Bills Across Mccreary County, Kentucky
In McCreary County, KY, property tax bills are calculated based on the assessed value of a property. The county assesses properties to determine their market value, which then forms the basis for the tax rate applied. Various factors, such as location, property size, and improvements, influence this assessed value. For instance, the median home price in McCreary County is $37,000, significantly lower than the national median, which affects the overall tax bill. Homeowners in McCreary County experience a range of tax bills. The 25th percentile tax bill is $49, while the 75th percentile reaches $506, and the 90th percentile climbs to $889. These figures highlight the variability in property tax burdens depending on property value and specific local factors. The highest median tax bill in the county is $257 in Beulah Heights, whereas Parkers Lake has the lowest median tax bill at $103. Understanding these calculations helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mccreary County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Beulah Heights | N/A | N/A | N/A | N/A | N/A |
| Greenwood | $12 | $28 | $51 | $91 | $160 |
| Honeybee | $29 | $50 | $65 | $164 | $335 |
| Marshes Siding | $16 | $41 | $163 | $404 | $734 |
| Parkers Lake | $16 | $33 | $103 | $326 | $612 |
| Pine Knot | $24 | $65 | $245 | $579 | $1,018 |
| Revelo | N/A | N/A | N/A | N/A | N/A |
| Sawyer | $14 | $29 | $54 | $158 | $396 |
| Stearns | $24 | $57 | $220 | $494 | $865 |
| Strunk | $24 | $59 | $245 | $571 | $1,036 |
| Whitley City | $24 | $65 | $253 | $569 | $914 |
| Williamsburg | $16 | $49 | $139 | $314 | $734 |
Source: Ownwell