Mercer County Property Taxes
The median property tax rate in Mercer County is 1.13%, which is notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. Given the median home value in Mercer County, the typical annual property tax bill amounts to $1,011, which is significantly lower than the national median of $2,690. Property taxes in Mercer County are determined based on the tax assessed value, which is often less than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural land. Understanding Mercer County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can result in considerable annual savings. Whether you reside in Harrodsburg or another part of Mercer County, gaining a comprehensive understanding of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mercer County 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 Mercer County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Mercer County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Mercer 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 Mercer County, Kentucky
Property taxes in Mercer County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Mercer County is 1.13%, which is higher than the U.S. national median of 0.99%. Local government entities within Mercer County set these rates annually, and they can vary significantly between different areas within the county. Each year, Mercer 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 Mercer County's effective property tax rate with other areas and the national median. For comparison, the city of Willisburg has one of the higher property tax rates in the region at 1.21%, while the city of Burgin boasts one of the lowest at 0.41%. Analyzing how Mercer County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mercer County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Burgin | 0.11% | 0.41% | 0.41% | 0.41% | 0.41% |
| Harrodsburg | 0.40% | 0.49% | 1.13% | 1.13% | 1.21% |
| Lawrenceburg | 0.79% | 0.87% | 0.97% | 0.98% | 1.12% |
| Perryville | 0.29% | 0.50% | 0.82% | 1.18% | 1.21% |
| Salvisa | 0.34% | 0.64% | 1.21% | 1.21% | 1.21% |
| Willisburg | 0.98% | 1.12% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Mercer County, Kentucky
In Mercer 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 Mercer 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 Mercer 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. Notably, Lawrenceburg has the highest median tax bill at $2,431, while Burgin has the lowest at $127. Being aware of these valuation processes in Mercer County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Mercer County Assessed Value
$125,484
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mercer County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Burgin | $5,000 | $20,499 | $53,718 | $71,604 | $99,569 |
| Harrodsburg | $20,000 | $63,758 | $125,000 | $202,030 | $308,063 |
| Lawrenceburg | $154,108 | $239,980 | $247,889 | $471,999 | $661,300 |
| Perryville | $61,861 | $79,470 | $137,899 | $196,831 | $237,687 |
| Salvisa | $25,000 | $83,516 | $152,282 | $248,012 | $392,452 |
| Willisburg | $70,429 | $95,822 | $119,964 | $175,669 | $257,874 |
Source: Ownwell
Property Tax Bills Across Mercer County, Kentucky
In Mercer County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Mercer County can expect a range of property tax bills depending on various factors such as the property's location, size, and condition. For instance, the median home price in Mercer County is $125,484, resulting in a median property tax bill that can vary significantly. At the 25th percentile, homeowners might pay around $443, while those in the 75th percentile could see bills as high as $1,705. The top 10% of property tax bills in the county can reach up to $2,600. Comparatively, the highest median tax bill in the region is found in Lawrenceburg at $2,431, whereas Burgin has the lowest at $127. This variability affects homeowners differently, making it essential to understand the assessed value and applicable tax rates.
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Burgin | $20 | $40 | $127 | $249 | $366 |
| Harrodsburg | $141 | $450 | $995 | $1,671 | $2,573 |
| Lawrenceburg | $1,635 | $2,335 | $2,431 | $4,095 | $5,093 |
| Perryville | $300 | $514 | $1,007 | $1,671 | $2,197 |
| Salvisa | $181 | $627 | $1,279 | $2,049 | $3,016 |
| Willisburg | $849 | $1,156 | $1,447 | $1,864 | $2,397 |
Source: Ownwell