Ashland, Kentucky Property Taxes
The median property tax rate in Ashland, KY is 0.72%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $60,000 in Ashland, the typical annual property tax bill is $456, significantly less than the national median of $2,690. Property taxes in Ashland are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ashland'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 Ashland or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ashland, 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 Ashland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ashland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ashland 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 Ashland, Kentucky
Property taxes in Ashland, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ashland is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Ashland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ashland 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 Ashland's effective property tax rate to other areas in Boyd County and the national median. For comparison, the 41102 zip code has the highest median property tax rate of 1.36%, while the 41101 zip code has the lowest median tax rate of 0.65%. Understanding how these areas compare with Ashland provides valuable insights into the varying tax landscape across Boyd County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ashland Tax Rate
0.72%
Average Boyd County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ashland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41101 | 0.25% | 0.59% | 0.65% | 0.74% | 1.27% |
| 41102 | 0.39% | 0.64% | 1.36% | 1.44% | 1.67% |
| 41105 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Ashland, Kentucky
In Ashland, 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 Boyd County Property Valuation Administrator 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 Ashland, 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. The median home price in Ashland is $60,000, with tax bills ranging from $180 at the 25th percentile to $1,748 at the 90th percentile. The highest median tax bill is $1,246 in the 41105 zip code, while the lowest median tax bill is $324 in the 41101 zip code. 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 Ashland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ashland Assessed Value
$60,000
Average Boyd County Assessed Value
$55,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ashland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41101 | $4,400 | $27,000 | $51,100 | $92,000 | $145,000 |
| 41102 | $1,100 | $19,000 | $68,500 | $119,900 | $171,920 |
| 41105 | $119,600 | $119,600 | $119,600 | $119,600 | $119,600 |
Source: Ownwell
Property Tax Bills Across Ashland, Kentucky
In Ashland, located in Boyd County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in Ashland is $60,000. The property tax rate is applied to this assessed value to determine the annual tax bill. For instance, the tax bill at the 25th percentile is around $180, while at the 75th percentile, it rises to approximately $935. Homeowners in the 90th percentile can expect a tax bill nearing $1,748. Several factors influence the assessed value, including the property's market value, condition, and any improvements made. These tax bills significantly impact homeowners, as they represent a recurring expense that must be budgeted for annually. Comparing these figures to the national median property tax rate of 0.99%, Ashland's property tax rates can vary widely, reflecting the diverse range of property values within the city. The highest median tax bill in Ashland is $1,246 in the 41105 zip code, while the lowest is $324 in the 41101 zip code.
Average Ashland Tax Bill
$456
Average Boyd County Tax Bill
$463
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ashland, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41101 | $50 | $156 | $324 | $604 | $1,058 |
| 41102 | $59 | $206 | $628 | $1,254 | $2,115 |
| 41105 | $1,246 | $1,246 | $1,246 | $1,246 | $1,246 |
Source: Ownwell