Mclean County, Kentucky Property Taxes
The median property tax rate in McLean County is 1.08%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in McLean County at $47,100, the typical annual property tax bill is $437, significantly lower than the national median of $2,690. Property taxes in McLean County are calculated based on the tax assessed value, often below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding McLean 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 Calhoun or another part of McLean County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mclean County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$509
$472
Ownwell’s McLean County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in McLean County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in McLean 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 Mclean County, Kentucky
Property taxes in McLean County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in McLean County is 1.08%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within McLean County set these rates annually, and they can vary significantly between different areas within the county. Each year, McLean 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 McLean County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Rumsey has one of the higher property tax rates in Kentucky at 1.15%, while the city of Livermore boasts one of the lowest at 1.06%. Analyzing how McLean County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Mclean County, Kentucky
In McLean 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 McLean 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 McLean 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. In McLean County, the highest median tax bill is in Calhoun at $665, while the lowest is in Island at $269. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Mclean County Assessed Value
$47,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mclean County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Calhoun | $7,000 | $20,000 | $64,000 | $120,800 | $177,968 |
| Island | $4,000 | $8,500 | $30,000 | $80,000 | $124,600 |
| Livermore | $5,000 | $10,000 | $37,500 | $86,500 | $127,000 |
| Owensboro | N/A | N/A | N/A | N/A | N/A |
| Rumsey | $3,200 | $8,000 | $29,000 | $73,150 | $139,800 |
| Sacramento | $5,671 | $15,000 | $50,000 | $88,000 | $124,990 |
| Utica | $6,000 | $15,000 | $53,800 | $105,469 | $177,660 |
Source: Ownwell
Property Tax Bills Across Mclean County, Kentucky
Property tax bills in McLean County, KY, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value. In McLean County, the median home price is $47,100. Homeowners in this region can expect to pay varying amounts in property taxes, with the 25th percentile tax bill being $146 and the 75th percentile tax bill reaching $951. At the 90th percentile, the tax bill can be as high as $1,628. The highest median tax bill in the county is $665 in Calhoun, while the lowest median tax bill is $269 in Island. These property tax bills can significantly impact homeowners by influencing their overall housing costs and financial planning. Comparing this to the national median property tax rate of 0.99%, McLean County's property taxes can be considered relatively manageable for most homeowners.
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690