Campton, Kentucky Property Taxes
The median property tax rate in Campton, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Campton, the typical annual property tax bill reaches $403, which is significantly lower than the national median of $2,690. Property taxes in Campton are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Campton'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 Campton 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
Campton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$575
Ownwell’s Campton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Campton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Campton 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 Campton, Kentucky
Property taxes in Campton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Campton is 0.51%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Campton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Campton 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 Campton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41301 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Campton provides valuable insights into the varying tax landscape across Wolfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Campton Tax Rate
1.37%
Average Breathitt County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Campton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41301 | 0.38% | 0.90% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Campton, Kentucky
In Campton, 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 local 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 Campton, 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 Campton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $403.00, found in the 41301 zip code.
Average Campton Assessed Value
$42,000
Average Breathitt County Assessed Value
$25,538
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Campton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41301 | $10,000 | $22,500 | $42,000 | $76,900 | $123,200 |
Source: Ownwell
Property Tax Bills Across Campton, Kentucky
In Campton, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For instance, with a median home price of $42,000, the tax bill can vary significantly. Factors such as property size, location, and improvements can influence the assessed value. The tax rate is applied to this assessed value, resulting in the final tax bill. Homeowners in Campton may see tax bills ranging from $187 at the 25th percentile to $984 at the 75th percentile, and up to $1,499 at the 90th percentile. This variability underscores the impact of property characteristics and assessment accuracy on tax obligations. Compared to the national median property tax rate of 0.99%, Campton's rates reflect local economic conditions and municipal funding needs. Understanding these factors can help homeowners anticipate their tax responsibilities and plan accordingly.
Average Campton Tax Bill
$403
Average Breathitt County Tax Bill
$188
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Campton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41301 | $69 | $187 | $403 | $984 | $1,499 |
Source: Ownwell