Mc Kee, Kentucky Property Taxes
The median property tax rate in MC KEE, KY is 1.39%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in MC KEE at $23,000, the typical annual property tax bill amounts to $321, which is considerably lower than the national median of $2,690. Property taxes in MC KEE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MC KEE'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 MC KEE 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 Kee, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$320
Ownwell’s MC KEE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KEE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KEE 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 Mc Kee, Kentucky
Property taxes in MC KEE, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC KEE is 0.64%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within MC KEE set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC KEE 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 MC KEE's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is 0.83%, while the lowest median tax rate is 0.64%. Understanding how these cities compare with MC KEE provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kee Tax Rate
1.39%
Average Owsley County Tax Rate
1.39%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kee, Kentucky
In Mc Kee, 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 Kee, 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 Kee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40447 has the highest and lowest median tax bills, both at $321, reflecting a consistent tax environment in the area.
Average Mc Kee Assessed Value
$23,000
Average Owsley County Assessed Value
$36,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | $19,000 | $20,500 | $23,000 | $25,500 | $27,000 |
Source: Ownwell
Property Tax Bills Across Mc Kee, Kentucky
In Mc Kee, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Mc Kee is $23,000, significantly lower than the national median. The tax rate in this region is applied to the assessed value to compute the tax bill. Homeowners in Mc Kee can expect a property tax bill ranging from $286 at the 25th percentile to $377 at the 90th percentile, with the highest median tax bill recorded at $321 in the 40447 zip code. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For homeowners, these taxes directly impact their annual financial planning and the affordability of owning property in the area. Lower property values and tax rates compared to national figures can make homeownership more accessible, but it's essential to stay informed about potential changes in assessments and rates that could affect future tax bills.
Average Mc Kee Tax Bill
$321
Average Owsley County Tax Bill
$355
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40447 | $265 | $286 | $321 | $356 | $377 |
Source: Ownwell