Mc Henry, Ohio County, Kentucky Property Taxes
The median property tax rate in McHenry, Kentucky is 0.96%, slightly below both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $12,000 in McHenry, the typical annual property tax bill is $101, which is significantly lower than the national median of $2,690. Property taxes in McHenry are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding McHenry'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 McHenry 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
Mc Henry, Ohio County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$115
$107
Ownwell’s MC HENRY Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MC HENRY with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in MC HENRY to project your property tax bill. This valuable tool provides clarity on potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down. Your property’s assessed value is determined by the county for property tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Mc Henry, Ohio County, Kentucky
Property taxes in McHenry, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McHenry is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within McHenry set these rates annually, and they can vary significantly across different neighborhoods. Each year, McHenry 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 McHenry's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42354 has the highest median property tax rate of 0.96%, while the lowest median tax rate is also 0.96% in the same zip code. Understanding how these cities compare with McHenry provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Henry Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Henry, Ohio County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42354 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Mc Henry, Ohio County, Kentucky
In Mc Henry, 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 local 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 Mc Henry, 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 Mc Henry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mc Henry is $101 in the 42354 zip code, while the lowest median tax bill is also $101 in the same zip code.
Property Tax Assessment Values Across Mc Henry, Ohio County, Kentucky
Source: Ownwell
$9,200
$25,600
$42,000
Average Mc Henry Assessed Value
$12,000
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Henry, Ohio County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42354 | $1,500 | $3,500 | $12,000 | $27,500 | $55,000 |
Source: Ownwell
Property Tax Bills Across Mc Henry, Ohio County, Kentucky
In McHenry, Kentucky, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in McHenry is quite low at $12,000, which significantly influences the overall tax bill. Homeowners in this area can expect their property taxes to vary widely, with the 25th percentile tax bill at $29 and the 75th percentile reaching up to $240. For those at the higher end, the 90th percentile tax bill can be as much as $467. Several factors contribute to the determination of a property tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The highest and lowest median tax bills in the area are both recorded at $101 in the 42354 zip code, indicating a relatively uniform tax impact within that region. Compared to the national median property tax rate of 0.99%, McHenry's property taxes are relatively modest, offering some financial relief to local homeowners.
Average Mc Henry Tax Bill
$101
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Henry, Ohio County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42354 | $14 | $29 | $101 | $240 | $467 |
Source: Ownwell