Mc Carr, Kentucky Property Taxes
The median property tax rate in MC CARR, KY is 1.37%, which is significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $30,000 in MC CARR, the typical annual property tax bill amounts to $191, far below the national median of $2,690. Property taxes in MC CARR are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding MC CARR'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 CARR or another part of Pike County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Carr, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s MC CARR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC CARR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC CARR 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 Carr, Kentucky
Property taxes in MC CARR, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in MC CARR is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within MC CARR set these rates annually, and they can vary significantly across different neighborhoods. Each year, MC CARR 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 CARR's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41544 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with MC CARR provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Carr Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Carr, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41544 | 0.15% | 0.32% | 1.37% | 1.48% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Mc Carr, Kentucky
In MC CARR, 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 Pike 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 MC CARR, 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 CARR helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41544, with a value of $191, while the lowest median tax bill is also in the same zip code.
Average Mc Carr Assessed Value
$30,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Carr, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41544 | $2,500 | $10,000 | $30,000 | $52,000 | $74,700 |
Source: Ownwell
Property Tax Bills Across Mc Carr, Kentucky
Property tax bills in McCarr, located in Pike County, KY, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and typically reflects the market value of the property. Homeowners in McCarr can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in McCarr is $30,000, and property tax bills range from the 25th percentile at $48 to the 90th percentile at $1,014. Comparatively, the national median property tax rate is 0.99%, making McCarr's property taxes relatively modest. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thus affecting the tax bill. Homeowners should be aware that these taxes fund essential local services like schools, public safety, and infrastructure. Understanding how these factors interplay can help homeowners anticipate changes in their property tax obligations and manage their finances accordingly.
Average Mc Carr Tax Bill
$191
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Carr, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41544 | $48 | $48 | $191 | $603 | $1,014 |
Source: Ownwell