Perryville, Kentucky Property Taxes
The median property tax rate in Perryville, KY is 0.82%, 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 Perryville, the typical annual property tax bill reaches $1,007, significantly lower than the national median of $2,690. Property taxes in Perryville 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 Perryville'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 Perryville 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
Perryville, 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 Perryville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Perryville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Perryville 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 Perryville, Kentucky
Property taxes in Perryville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Perryville is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Perryville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Perryville 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 Perryville's effective property tax rate to other areas and the national median. For comparison, the zip code 40468 has both the highest and lowest median property tax rate of 0.82%. Understanding how these areas compare with Perryville provides valuable insights into the varying tax landscape across Mercer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Perryville Tax Rate
0.82%
Average Mercer County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Perryville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40468 | 0.29% | 0.50% | 0.82% | 1.18% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Perryville, Kentucky
In Perryville, 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 Mercer 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 Perryville, 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 median home price in Perryville is $137,899, with tax bills ranging from $514 at the 25th percentile to $2,197 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Perryville Assessed Value
$137,899
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 Perryville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40468 | $61,861 | $79,470 | $137,899 | $196,831 | $237,687 |
Source: Ownwell
Property Tax Bills Across Perryville, Kentucky
In Perryville, located in Mercer County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $137,899, homeowners might see varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property size, location, and any improvements can influence the assessed value. In Perryville, the 25th percentile tax bill is approximately $514, while the 75th percentile reaches about $1671. The highest tax bills, around the 90th percentile, can be as much as $2197. These figures are relatively lower compared to the national median property tax rate of 0.99%, making Perryville an attractive location for homeowners looking for lower property tax burdens.
Average Perryville Tax Bill
$1,007
Average Mercer County Tax Bill
$1,011
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Perryville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40468 | $300 | $514 | $1,007 | $1,671 | $2,197 |
Source: Ownwell