42350 Property Tax Rate

Property owners in ZIP code 42350 (Island, Kentucky) pay a median of $803/year in property taxes on homes valued at $128,800. This translates to an effective tax rate of 0.62%, which is 17% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 42350 is approximately $67, which factors into escrow payments on mortgages. This ZIP code is located within McLean County. This is $294 less than the Kentucky average of $1,097/year.

Compared to similar ZIP codes in Kentucky, 42350 has higher property taxes. ZIP codes with similar effective rates include 40075 (0.62%) and 40360 (0.62%).

In Island, property taxes represent approximately 1.0% of the median household income of $77,125, providing context for the relative tax burden on homeowners in this area.

Kentucky has no purchase-price reassessment requirement — your tax follows McLean County's reappraisal schedule, meaning you may inherit the prior owner's lower assessment until the next county-wide update cycle. McLean County offers homestead exemptions for owners 65+, disabled residents, and eligible veterans; apply with the McLean County Property Valuation Administrator before your first tax bill. Obtain a copy of your assessment and verify the property characteristics (lot size, building square footage, condition) are accurate.