Parkers Lake, Mccreary County, Kentucky Property Taxes
Median Parkers Lake, KY effective property tax rate: 0.82%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Parkers Lake, KY home value: $18,000
Median annual Parkers Lake, KY tax bill: $103, $2,297 lower than the national median property tax bill of $2,400.
How are property taxes in McCreary County calculated?
Property taxes in Parkers Lake, 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 Parkers Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Parkers Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Parkers Lake, Mccreary County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.82%
Estimate Property Tax Bill
$148
$137
Ownwell’s Parkers Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Parkers Lake with just two data points.
By entering your property's estimated assessed value, our calculator applies Parkers Lake’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 McCreary County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Parkers Lake, Mccreary County, Kentucky
Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
Below, you can compare Parkers Lake’s effective property tax rate to other cities in Kentucky and the median property tax rates in Kentucky and the U.S. Parkers Lake, located in McCreary County, has an effective property tax rate that aligns with the state’s median of 0.82%. This is notably lower than the national median rate of 1.02%. Consequently, residents in Parkers Lake benefit from a tax rate that is more favorable compared to the national average. This can result in significant savings over time, making it an attractive location for property owners. Whether you're a current resident or considering a move, understanding these tax dynamics can help you make informed decisions about property investments in the area.
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 Parkers Lake Tax Rate
0.82%
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 Mccreary County Tax Rate
0.82%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Parkers Lake, Mccreary County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | 0.41% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Parkers Lake, Mccreary County, Kentucky
When examining property taxes in Parkers Lake, 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 McCreary County Property Valuation Administrator 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.
In McCreary County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 Parkers Lake. For example, the median home price in Parkers Lake is $18,000, with tax bills ranging significantly across the county. Zip code 42634 has the highest median home price at $18,000.
Property Tax Assessment Values Across Parkers Lake, Mccreary County, Kentucky
Source: Ownwell
$6,250
$24,125
$42,000
Median Parkers Lake Market Value
$18,000
Median Mccreary County Market Value
$37,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Parkers Lake, Mccreary County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $2,000 | $4,550 | $18,000 | $50,000 | $84,800 |
Source: Ownwell
Property Tax Bills Across Parkers Lake, Mccreary County, Kentucky
In Parkers Lake, located in McCreary County, KY, property tax bills are calculated based on the assessed value of a home. Unlike the national median property tax bill of $2,400, homeowners here experience significantly lower tax bills. The median home price in Parkers Lake is $18,000, which contributes to the modest tax bills in the area. Property tax bills are influenced by several factors, including the assessed value of the property and the local tax rate. For instance, the tax bill at the 25th percentile is just $33, while at the 75th percentile, it rises to $326. These figures demonstrate the variation in tax liabilities among homeowners.
For homeowners looking to reduce their property tax bills, Ownwell offers valuable services. By providing expert property tax appeal and exemption services, Ownwell helps homeowners ensure their properties are assessed fairly, potentially lowering their tax obligations. This can result in significant savings, allowing homeowners to allocate their resources more effectively.
Median Parkers Lake Tax Bill
$103
Median Mccreary County Tax Bill
$204
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Parkers Lake, Mccreary County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $16 | $33 | $103 | $326 | $612 |
Source: Ownwell