Mize, Morgan County, Kentucky Property Taxes
The median property tax rate in Mize, KY is 1.24%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mize at $24,500, the typical annual property tax bill reaches $280, which is notably lower than the national median of $2,690. Property taxes in Mize are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mize's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mize or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mize, Morgan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$304
$282
Ownwell’s Mize Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mize with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mize 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 Mize, Morgan County, Kentucky
Property taxes in Mize, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Mize is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mize set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mize 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 Mize'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 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Mize 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 Mize 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 Mize, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41352 | 0.71% | 1.24% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Mize, Morgan County, Kentucky
In Mize, 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 Mize, 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 Mize helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 41352 has the highest median tax bill of $280.00, while the lowest median tax bill is also $280.00, reflecting a uniform tax structure in the area.
Property Tax Assessment Values Across Mize, Morgan County, Kentucky
Source: Ownwell
$23,000
$34,000
$45,000
Average Mize Assessed Value
$24,500
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 Mize, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41352 | $2,000 | $4,350 | $24,500 | $82,500 | $125,000 |
Source: Ownwell
Property Tax Bills Across Mize, Morgan County, Kentucky
In Mize, Kentucky, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in this region is $24,500. Homeowners can expect their property tax bill to vary significantly, with the 25th percentile at $37 and the 75th percentile reaching $1,304. Factors influencing these tax bills include the assessed value, local tax rates, and any applicable exemptions or deductions. The tax rate in Mize is relatively low compared to the national median property tax rate of 0.99%. This can be seen in the highest median tax bill for the area, which is $280 in the 41352 zip code. For homeowners, these property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Mize Tax Bill
$280
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mize, Morgan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41352 | $25 | $37 | $280 | $1,304 | $1,552 |
Source: Ownwell