Muldraugh, Kentucky Property Taxes
The median property tax rate in Muldraugh, KY is 1.27%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Muldraugh at $38,000, the typical annual property tax bill reaches $406, which is significantly lower than the national median of $2,690. Property taxes in Muldraugh are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Muldraugh's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Muldraugh or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Muldraugh, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Muldraugh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Muldraugh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Muldraugh 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 Meade County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Muldraugh, Kentucky
Property taxes in Muldraugh, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Muldraugh is 1.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within Muldraugh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Muldraugh 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 Muldraugh's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40155 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Muldraugh provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Muldraugh Tax Rate
1.27%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Muldraugh, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40155 | 0.73% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Muldraugh, Kentucky
In Muldraugh, 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 Meade 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. In Muldraugh, 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 Muldraugh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40155 has the highest and lowest median tax bill, both at $406.
Average Muldraugh Assessed Value
$38,000
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Muldraugh, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40155 | $2,900 | $14,750 | $38,000 | $72,700 | $110,940 |
Source: Ownwell
Property Tax Bills Across Muldraugh, Kentucky
Property tax bills in Muldraugh, KY, are determined based on the assessed value of a property, which is influenced by factors such as location, market conditions, and property characteristics. In Muldraugh, the median home price is $38,000, significantly lower than the national median. This lower home value translates to generally lower property tax bills for homeowners. The tax rate in Muldraugh is applied to the assessed value to calculate the annual tax bill. For instance, the 25th percentile tax bill is $140, while the 75th percentile tax bill is $848. At the 90th percentile, homeowners might see tax bills as high as $1,319. Comparatively, the highest and lowest median tax bills in the area both stand at $406, which is relatively modest compared to national figures. These property tax bills impact homeowners by influencing their overall housing costs and affordability. Lower property taxes can make homeownership more accessible, but it also means less revenue for local services funded by these taxes.
Average Muldraugh Tax Bill
$406
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Muldraugh, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40155 | $37 | $140 | $406 | $848 | $1,319 |
Source: Ownwell