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Updated 2025 Tax Year

Magoffin County
Property Tax Guide

Everything you need to know about property taxes in Magoffin County, KY. Rates, due dates, exemptions, and how it affects your monthly payment.

10 Official Sources
8 min read
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Quick Facts
Tax Rate
Approximately 1% base rate plus district additions, varies significantly by location within county
Exemptions
4+ Available
Section 1

How Property Tax Works

Magoffin County, Kentucky operates under the state's property tax system to fund essential local services including schools, county government operations, emergency services, and infrastructure maintenance. Property taxes in Magoffin County are assessed annually based on the fair cash value of real estate and personal property, with Kentucky's typical base rate around 1% of assessed value before applying any applicable tax credits.

The actual tax rate you pay depends on your specific location within Magoffin County, as different areas fall under various special taxing districts that may include school districts, fire protection districts, and other local service areas. These district-specific assessments can cause significant variation in total tax rates across the county. Property tax bills are typically received from the Sheriff's office at the end of October, covering the previous tax year's assessment period.

Section 2

What Makes Up Your Tax Bill

ComponentRateDescription
County GeneralTBDBasic county services and operations
School DistrictTBDLocal school funding and operations
State Rate~1.0%Commonwealth of Kentucky base assessment
Special DistrictsVariesFire protection, library, and other local services

Note: The 2025 property tax rates for Magoffin County have not yet been finalized by local government and will vary by specific taxing district within the county. Motor vehicle property tax rates for 2025 are available separately from the Kentucky Department of Revenue. Check with the Magoffin County Property Valuation Administrator for current levy year rates applicable to your property's location.

Section 3

When Are Property Taxes Due?

For the 2025/2026 tax year in Magoffin County, property taxes are due in two installments:

Pro tip: If you pay through mortgage escrow, your lender splits these payments across your monthly mortgage. If you pay directly, set calendar reminders to avoid late penalties.
Section 4

Supplemental Tax Bills

Supplemental taxes in Magoffin County are additional property tax assessments that occur when there are changes to property ownership, new construction, or improvements made after the regular assessment date. These taxes are calculated based on the difference between the old and new assessed values, prorated for the remaining months in the tax year.

Common triggers for supplemental taxes include: property sales that result in reassessment at market value, completion of new construction or major renovations, and changes in property use that affect valuation. For example, if you complete a home addition worth $50,000 in February, you would receive a supplemental tax bill covering the increased assessment from February through the end of the tax year, calculated at the applicable district tax rates for your property's location.

Example Calculation

Example 1: $300,000 Home

  • Assessed Value: $300,000
  • Less: Homestead Credit (if applied): Varies
  • Net Taxable Value: ~$300,000
  • Annual Tax (est. 1.0%): ~$3,000
  • Monthly Payment: ~$250

Example 2: $600,000 Home

  • Assessed Value: $600,000
  • Less: Homestead Credit (if applied): Varies
  • Net Taxable Value: ~$600,000
  • Annual Tax (est. 1.0%): ~$6,000
  • Monthly Payment: ~$500

Example 3: $1,000,000 Home

  • Assessed Value: $1,000,000
  • Less: Available Tax Credits (if applied): Varies
  • Net Taxable Value: ~$1,000,000
  • Annual Tax (est. 1.0%): ~$10,000
  • Monthly Payment: ~$833

Note: These are estimates using Kentucky's typical base rate. Actual rates vary by special taxing district within Magoffin County. Tax credits require separate applications and are not automatically applied.

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Section 5

Escrow & Property Taxes

Most mortgage lenders in Magoffin County collect property taxes through escrow accounts, spreading the annual tax burden across 12 monthly payments included with your mortgage payment. Lenders typically collect 1/12th of your estimated annual property tax each month, plus a small cushion to account for potential increases.

Since Magoffin County tax bills are received at the end of October and due by April 15th of the following year, lenders will pay your taxes directly to the Sheriff's office during this collection period. Property owners should verify that their lender has current assessment information and correct mailing addresses to ensure timely payment. If you pay taxes directly (without escrow), remember that collection begins September 15th with a 2% early payment discount available.

How HonestCasa Helps
  • Understand whether your escrow is set correctly
  • See how rising taxes will change your monthly payment
  • Plan ahead instead of being surprised by "shortage" letters
Section 6

Frequently Asked Questions

Q: When are property taxes due in Magoffin County? A: Property taxes are due by April 15th each year. Personal property taxes are due by May 15th. Collection begins September 15th with a 2% early payment discount available.

Q: What tax credits are available and do I need to apply? A: Kentucky offers various tax credits including homestead credits for primary residences, disability credits, and senior citizen credits. All credits require separate applications and are NOT automatically applied. Contact the Magoffin County Property Valuation Administrator for available credits and application requirements.

Q: How does the homestead credit work? A: The homestead credit caps the annual increase in your property's assessed value, not the total market value. This credit requires annual application and helps limit dramatic assessment increases on your primary residence.

Q: How often are properties reassessed? A: Kentucky conducts property reassessments periodically. Contact the Property Valuation Administrator for the current assessment schedule and appeal process if you disagree with your valuation.

Q: What happens if I pay late? A: Tax bills not paid by April 15th are turned over to the Magoffin County Clerk. Late payments incur penalties and interest charges that accrue over time.

Q: Can I pay property taxes online? A: Contact the Magoffin County Sheriff's office for available payment methods, including online options and accepted forms of payment.

Q: What if I live in a special district? A: Special taxing districts within Magoffin County (fire protection, library, etc.) add additional assessments to your base county and school taxes. Your total rate depends on which districts serve your specific location.

Q: When will 2025 tax rates be available? A: The 2025 property tax rates will be determined by local government. Check the Kentucky Department of Revenue website and contact the Magoffin County Property Valuation Administrator for updates on current year rates.

Verified Sources

Backed by 10 Official Government Sources

Every fact in this guide is sourced from official county, state, and federal documents.

01
Tax Doc
Motor Vehicle Property Tax Rates 2025revenue.ky.gov
02
Tax Doc
COMMONWEALTH OF KENTUCKY PROPERTY TAX RATESrevenue.ky.gov
03
Tax Doc
Property Tax Rates - Department of Revenue - Kentucky.govrevenue.ky.gov
04
County
Property Tax - Magoffin County - Kentucky.govmagoffincounty.ky.gov
05
Tax Doc
2025 PERSONAL PROPERTY TAX FORMS AND ...revenue.ky.gov
06
Tax Doc
The Collection Process for Property Tax Billsrevenue.ky.gov
07
record(7-3-2022).docxapps.legislature.ky.gov
08
General Assembly to begin 2022 session on Jan. 4apps.legislature.ky.gov
09
2022 Kentucky CDBG-DR Action Plankydlgweb.ky.gov
10
29492.6621024 9apps.irs.gov
All sources verified as of 2025 Tax Year

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