Means, Montgomery County, Kentucky Property Taxes
The median property tax rate in MEANS, KY is 1.08%, which is higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in MEANS being $22,500, the typical annual property tax bill amounts to $217, which is significantly below the national median of $2,690. Property taxes in MEANS are calculated based on the tax assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding MEANS'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 MEANS 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
Means, Montgomery County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$243
$225
Ownwell’s MEANS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MEANS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MEANS 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 Means, Montgomery County, Kentucky
Property taxes in MEANS, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MEANS is 0.88%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within MEANS set these rates annually, and they can vary significantly across different neighborhoods. Each year, MEANS 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 MEANS's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40346 zip code has the highest median property tax rate of 0.88%, while the 40346 zip code has the lowest median tax rate of 0.88%. Understanding how these cities compare with MEANS provides valuable insights into the varying tax landscape across Montgomery, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Means Tax Rate
1.08%
Average Montgomery County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Means, Montgomery County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40346 | 0.64% | 1.07% | 1.07% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Means, Montgomery County, Kentucky
In MEANS, 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 Montgomery 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 MEANS, 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. The zip code with the highest median tax bill is 40346, which is $217. By being aware of these valuation processes in MEANS, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Means, Montgomery County, Kentucky
Source: Ownwell
$22,500
$55,750
$89,000
Average Means Assessed Value
$22,500
Average Montgomery County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Means, Montgomery County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40346 | $6,000 | $10,000 | $22,500 | $60,000 | $99,600 |
Source: Ownwell
Property Tax Bills Across Means, Montgomery County, Kentucky
In MEANS, located in Montgomery County, KY, property tax bills are calculated based on the assessed value of a property. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, homes with a median value of $22,500 will see varying tax bills depending on the exact assessed value and applicable exemptions. Several factors influence the final tax amount, including the property's location within specific zip codes, any applicable exemptions, and the local tax rate. In MEANS, the tax bills can range significantly, with the 25th percentile paying around $86 and the 75th percentile paying up to $595. The 90th percentile of homeowners might see bills as high as $975. For homeowners, these tax bills can have a significant impact on annual expenses. Comparing this to the national median property tax rate of 0.99%, MEANS homeowners might find their property tax bills to be relatively manageable, depending on their property's assessed value and any applicable exemptions.
Average Means Tax Bill
$217
Average Montgomery County Tax Bill
$736
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Means, Montgomery County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40346 | $54 | $86 | $217 | $595 | $975 |
Source: Ownwell