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Property Taxes
Revised September 23, 2003
Residences of Murray/Calloway
County are located in one of five scenarios of tax districts. There
are two school districts, city and county. The tax rate is listed per
$100 of assessed valuation (100% assessed). For example, in the
following table in district #1, City of Murray and City School
District, with an assessed value of $80,000, a home would be subject
to taxes of $898.72 (800 x 1.1234)
|
Property Location |
Real Estate |
Tangible* |
|
City and City School District |
1.1234 |
1.4738 |
|
City and County School District |
1.1214 |
1.4698 |
|
County and County School District |
0.8144 |
1.1528 |
|
County and City School District |
0.8164 |
1.1568 |
|
City of Hazel and County School
District |
1.2544 |
1.6028 |
*Tangibles include boats,
autos, airplanes, assessed at 100% market value. Intangibles include
stocks and bonds and are taxed at $0.25 per $100. Securities of
Kentucky corporations and political subdivisions and the U.S. Government
are exempt. Other states' municipal bond interest income is taxable.
Other Taxes
Kentucky Inheritance Tax
Bequests to a surviving spouse
pass free of any inheritance tax. Bequests to other family members and
relatives are taxed at a rate ranging from 2% to 16% depending on the
relationship to the deceased.
Homestead Exemption
A permanent resident of Kentucky at the age of 65 or a 100% disabled
person through social security (private disabled pensions do not
qualify) who lives in and maintains his/her home all year long is
eligible for a Homestead Exemption. The exemption for 2003 of $28,000
is subtracted from the assessed value of real estate.
Manufacturers' State Tax
Manufacturer's raw material is taxed at $0.50 per $1,000 and
manufacturers' machinery is taxed at $1.50 per $1,000 of depreciated
value. Finished goods are taxed at $0.50 per $1,000 plus applicable
local rates.
State Income Tax
The maximum rate is $280 plus 6% of taxable amount over $8,000.
Exemptions include social security and railroad retirement benefits, and
federal, state, and military retirement systems.
State Sales Tax
The state sales tax is 6%. Prescription drugs and groceries are
exempt. There are no local sales taxes, except for alcohol at
restaurants (8%) and a 3% hotel tax.
Utility Tax
Calloway County has a 3% utilities gross receipts license tax for
schools.
City/County Auto Taxes
At the time of purchase, auto taxes are 6% of the purchase price of
the vehicle. Thereafter, the tax is assessed annually (according to
your tax district) at 100% market value and due during the owner's birth
month.
Casualty Premium
Insurance Tax - 9.5%
License Tags
Annual fee is $15 for cars and trucks. For more information contact
the County Court Clerk, Calloway County Courthouse, 2nd Floor - (270)
762-0350.
City Stickers
City residents must purchase a city sticker for $35 prior to May 31st of
each year. Non-residents who are employed within the city limits are
also required to purchase a sticker. For more information contact the
City Clerk at (270) 762-0350.
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