Gradyville, Kentucky Property Taxes
The median property tax rate in Gradyville, KY is 0.70%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Gradyville, the typical annual property tax bill amounts to $352, significantly below the national median of $2,690. Property taxes in Gradyville are determined based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Navigating Gradyville's property tax system, exploring available exemptions, and discovering opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Gradyville or another part of the city, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Gradyville, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Gradyville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gradyville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gradyville 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 Gradyville, Kentucky
Property taxes in Gradyville, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Gradyville is 0.70%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Gradyville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gradyville 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 Gradyville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42742 has both the highest and lowest median property tax rate of 0.70%. Understanding how these cities compare with Gradyville 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 Gradyville Tax Rate
0.70%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gradyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42742 | 0.16% | 0.33% | 0.70% | 1.17% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Gradyville, Kentucky
In Gradyville, 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 local authorities 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 Gradyville, 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 Gradyville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gradyville is $85,000, with annual tax bills ranging from $195 at the 25th percentile to $1,561 at the 90th percentile. The highest and lowest median tax bills both stand at $352 in the 42742 zip code.
Average Gradyville Assessed Value
$85,000
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 Gradyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42742 | $5,400 | $25,850 | $85,000 | $167,500 | $308,300 |
Source: Ownwell
Property Tax Bills Across Gradyville, Kentucky
In Gradyville, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio. For instance, with a median home price of $85,000, the tax bill can vary significantly. Factors such as location within Adair County and specific property characteristics also influence the assessed value. Homeowners in Gradyville can expect their property tax bills to fall within a range, with the 25th percentile tax bill at $195 and the 75th percentile reaching $989. At the 90th percentile, tax bills can go up to $1,561. Compared to the national median property tax rate of 0.99%, Gradyville's property taxes can be relatively low, making it an attractive option for homeowners looking for affordability. However, it's important for homeowners to stay informed about their property's assessed value and any changes in local tax rates, as these directly impact their annual tax obligations.
Average Gradyville Tax Bill
$352
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gradyville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42742 | $82 | $195 | $352 | $989 | $1,561 |
Source: Ownwell