Elk Horn, Kentucky Property Taxes
The median property tax rate in Elk Horn, KY is 1.14%, higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $64,000, the typical annual property tax bill in Elk Horn amounts to $492, which is below the national median of $2,690. Property taxes in Elk Horn are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Elk Horn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Elk Horn or another part of Adair County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Horn, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$730
Ownwell’s ELK HORN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELK HORN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELK HORN to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Elk Horn, Kentucky
Property taxes in Elk Horn, Kentucky, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Horn is 1.14%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Elk Horn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Horn estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Elk Horn's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42733 zip code has the highest median property tax rate of 1.14%, while the same 42733 zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Elk Horn provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Horn Tax Rate
1.14%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Horn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42733 | 0.36% | 0.67% | 1.14% | 1.18% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Elk Horn, Kentucky
In Elk Horn, Kentucky, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Adair County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Elk Horn, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Elk Horn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Elk Horn is $64,000, with the 25th percentile tax bill at $176 and the 75th percentile at $888. The zip code 42733 has the highest median tax bill at $492.
Average Elk Horn Assessed Value
$64,000
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Horn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42733 | $8,600 | $27,500 | $64,000 | $118,500 | $156,000 |
Source: Ownwell
Property Tax Bills Across Elk Horn, Kentucky
In Elk Horn, located in Adair County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $64,000. Property tax rates are applied to this assessed value to determine the annual tax bill. For Elk Horn, the 25th percentile tax bill is $176, while the 75th percentile tax bill is $888, indicating a significant range in tax burdens depending on property characteristics and assessed values. At the 90th percentile, homeowners could expect to pay up to $1,348 in property taxes. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Elk Horn’s tax rates reflect local economic conditions and funding needs for community services. Homeowners in Elk Horn need to be aware of these factors, as they directly impact the cost of owning property and can influence decisions related to buying, selling, or appealing property tax assessments.
Average Elk Horn Tax Bill
$492
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Horn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42733 | $105 | $176 | $492 | $888 | $1,348 |
Source: Ownwell