Inez, Martin County, Kentucky Property Taxes

Name: Property Tax Bills Across Inez, Martin County, Kentucky
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Inez, KY effective property tax rate: 1.40%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Inez, KY home value: $39,000
Median annual Inez, KY tax bill: $379, $2,021 lower than the national median property tax bill of $2,400.

How are property taxes in Martin calculated?

Property taxes in Inez, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Inez’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Inez, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Inez, Martin County, Kentucky Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.4%

Estimate Property Tax Bill

$546

$507

Ownwell’s Inez Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Inez with just two data points. By entering your property's estimated assessed value, our calculator applies Inez’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Martin County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Inez, Martin County, Kentucky

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is the annual process in a nutshell.

In Inez, located in Martin County, Kentucky, property tax rates reflect this process. The effective property tax rate in Inez is a crucial figure for property owners to consider, especially when comparing it to other cities in Kentucky and the national average. The median property tax rate in Kentucky provides a baseline for comparison, while the U.S. median offers a broader perspective.

Understanding how Inez's property tax rate compares can help property owners make informed decisions about their investments. Property tax rates are a significant factor in determining the overall cost of owning property, and being aware of local and national trends can provide valuable insights.

Property Tax Rates Across Inez, Martin County, Kentucky

Source: Ownwell

0.86%

1.18%

1.51%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Inez Tax Rate

1.40%

Median Effective Martin County Tax Rate

1.41%

Median Effective Kentucky Tax Rate

1.02%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Inez, Martin County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
41224	0.33%	0.58%	1.40%	1.68%	2.32%

Source: Ownwell

Property Tax Assessment Values Across Inez, Martin County, Kentucky

When examining property taxes in Inez, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Martin County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: Martin County assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Inez. For example, the median home price in Inez is $39,000, with tax bills ranging significantly across the county. 41224 has the highest median home price at $39,000.

Property Tax Assessment Values Across Inez, Martin County, Kentucky

Source: Ownwell

$24,000

$31,500

$39,000

Median Inez Market Value

$39,000

Median Martin County Market Value

$33,161

Median Kentucky Market Value

$110,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Inez, Martin County, Kentucky

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
41224	$7,500	$20,000	$39,000	$71,375	$124,150

Source: Ownwell

Property Tax Bills Across Inez, Martin County, Kentucky

In Inez, located in Martin County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the total tax bill. With a median home price of $39,000, homeowners in the area often face tax bills significantly lower than the national median tax bill of $2,400. In fact, the median tax bill in Martin County is $379, which aligns with the 25th percentile tax bill of $112 and the 75th percentile tax bill of $797. These figures highlight the relatively low property tax burden compared to other regions.

Homeowners in Inez can benefit from Ownwell’s expertise in property tax appeal and exemption services. Ownwell helps homeowners identify potential savings by ensuring their property is fairly assessed, potentially lowering their tax bill. By leveraging local knowledge and a proven track record, Ownwell empowers homeowners to reduce their property tax expenses effectively.

Property Tax Bills Across Inez, Martin County, Kentucky

Source: Ownwell

$192

$286

$379

Median Inez Tax Bill

$379

Median Martin County Tax Bill

$308

Median Kentucky Tax Bill

$1,031

Median United States Tax Bill

$2,400

Property Tax Bills Across Inez, Martin County, Kentucky

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
41224	$105	$112	$379	$797	$1,550

Source: Ownwell