Mayslick, Kentucky Property Taxes
The median property tax rate in Mayslick, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Mayslick at $58,500, the typical annual property tax bill reaches $723, which is significantly lower than the national median of $2,690. Property taxes in Mayslick are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mayslick'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 Mayslick 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
Mayslick, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$801
Ownwell’s Mayslick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayslick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayslick 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 Mayslick, Kentucky
Property taxes in Mayslick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayslick is 0.73%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Mayslick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayslick 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 Mayslick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41055 zip code has the highest median property tax rate of 0.73%, while the same 41055 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Mayslick provides valuable insights into the varying tax landscape across Robertson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayslick Tax Rate
1.37%
Average Robertson County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayslick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | 0.68% | 1.36% | 1.36% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Mayslick, Kentucky
In Mayslick, 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 Robertson 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 Mayslick, 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 Mayslick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mayslick both stand at $723, specifically in the 41055 zip code.
Average Mayslick Assessed Value
$58,500
Average Robertson County Assessed Value
$62,975
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayslick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | $20,209 | $38,000 | $58,500 | $99,786 | $140,600 |
Source: Ownwell
Property Tax Bills Across Mayslick, Kentucky
In Mayslick, located in Robertson County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Mayslick is $58,500. Property tax bills vary significantly, with the 25th percentile at $455 and the 75th percentile reaching $1,031. This range indicates that while some homeowners may face relatively low tax bills, others could see considerably higher amounts. The highest median tax bill in the area is $723, which aligns with the lowest median tax bill, both recorded in the 41055 zip code. These figures are influenced by several factors, including the home's assessed value, local tax rates, and any applicable exemptions. For homeowners, understanding these components is crucial, as they directly impact the annual tax burden. Compared to the national median property tax rate of 0.99%, Mayslick's property tax rates reflect a localized approach to taxation, affecting how much residents ultimately pay.
Average Mayslick Tax Bill
$723
Average Robertson County Tax Bill
$674
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayslick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41055 | $189 | $455 | $723 | $1,031 | $1,919 |
Source: Ownwell