Grassy Creek, Morgan County, Kentucky Property Taxes
The median property tax rate in Grassy Creek, KY is 1.24%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Grassy Creek at $38,000, the typical annual property tax bill is $342, which is significantly lower than the national median of $2,690. Property taxes in Grassy Creek are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grassy Creek'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 Grassy Creek 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
Grassy Creek, Morgan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$471
$437
Ownwell’s Grassy Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grassy Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grassy Creek 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 Grassy Creek, Morgan County, Kentucky
Property taxes in Grassy Creek, KY, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grassy Creek is 0.74%, which is significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Grassy Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grassy Creek 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 Grassy Creek's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41352 zip code has the highest median property tax rate of 0.74%, while the 41352 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Grassy Creek provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grassy Creek Tax Rate
1.24%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grassy Creek, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41352 | 0.33% | 0.72% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Grassy Creek, Morgan County, Kentucky
In Grassy Creek, 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 Morgan 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 Grassy Creek, 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 Grassy Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $342.00 in the 41352 zip code.
Property Tax Assessment Values Across Grassy Creek, Morgan County, Kentucky
Source: Ownwell
$23,000
$34,000
$45,000
Average Grassy Creek Assessed Value
$38,000
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grassy Creek, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41352 | $5,000 | $15,000 | $38,000 | $75,000 | $119,600 |
Source: Ownwell
Property Tax Bills Across Grassy Creek, Morgan County, Kentucky
In Grassy Creek, KY, located in Morgan County, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $38,000. Homeowners' tax bills are influenced by several factors, including the assessed value and the applicable tax rate. The tax rate in Grassy Creek is derived from local government requirements and budget needs. For instance, the 25th percentile tax bill is around $107, while the 75th percentile tax bill reaches approximately $770. At the higher end, the 90th percentile tax bill can be as much as $1,178. Compared to the national median property tax rate of 0.99%, Grassy Creek's tax bills reflect the local economic conditions and real estate market. Homeowners in this region experience varying tax obligations, which are directly tied to their property's assessed value and the specific tax rate set by local authorities. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners differently based on their property's worth.
Average Grassy Creek Tax Bill
$342
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Grassy Creek, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41352 | $45 | $107 | $342 | $770 | $1,178 |
Source: Ownwell