Gravel Switch, Kentucky Property Taxes
The median property tax rate in Gravel Switch, KY is 0.96%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Gravel Switch at $47,000, the typical annual property tax bill is $385, significantly less than the national median of $2,690. Property taxes in Gravel Switch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Gravel Switch's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gravel Switch or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gravel Switch, 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 Gravel Switch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gravel Switch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gravel Switch 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 Gravel Switch, Kentucky
Property taxes in Gravel Switch, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravel Switch is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Gravel Switch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravel Switch 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 Gravel Switch's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40328 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Gravel Switch provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gravel Switch Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravel Switch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40328 | 0.42% | 0.95% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Gravel Switch, Kentucky
In Gravel Switch, 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 Casey 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 Gravel Switch, 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 Gravel Switch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40328 has the highest and lowest median tax bill of $385.
Average Gravel Switch Assessed Value
$47,000
Average Casey County Assessed Value
$43,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gravel Switch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40328 | $3,640 | $20,000 | $47,000 | $83,500 | $142,600 |
Source: Ownwell
Property Tax Bills Across Gravel Switch, Kentucky
Property tax bills in Gravel Switch, Casey County, KY, are calculated based on the assessed value of a property and the local tax rate. The median home price in Gravel Switch is $47,000, which serves as a baseline for determining property taxes. The tax bill is influenced by various factors, including property size, location, and any applicable exemptions. For example, homeowners in the 25th percentile see tax bills around $93, while those in the 75th percentile face bills closer to $582, and the 90th percentile can reach up to $1,154. Comparatively, the median property tax rate nationally is 0.99%, making Gravel Switch relatively affordable for homeowners. The highest and lowest median tax bills in the area are both $385, indicating a consistent tax rate across different properties. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding how these factors interplay can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Gravel Switch Tax Bill
$385
Average Casey County Tax Bill
$324
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravel Switch, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40328 | $29 | $93 | $385 | $582 | $1,154 |
Source: Ownwell