Goose Rock, Kentucky Property Taxes
The median property tax rate in Goose Rock, KY is 1.18%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Goose Rock at $50,000, the typical annual property tax bill reaches $738, which is significantly lower than the national median of $2,690. Property taxes in Goose Rock 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 Goose Rock'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 Goose Rock 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
Goose Rock, 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 Goose Rock Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Goose Rock with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Goose Rock to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Goose Rock, Kentucky
Property taxes in Goose Rock, Kentucky, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Goose Rock is 1.18%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Goose Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goose Rock 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 Goose Rock's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40944 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these areas compare with Goose Rock provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goose Rock Tax Rate
1.18%
Average Clay County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goose Rock, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40944 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Goose Rock, Kentucky
In Goose Rock, 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 Goose Rock, 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 Goose Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 40944 has both the highest and lowest median tax bill at $738, reflecting the uniformity in property tax assessments in the area.
Average Goose Rock Assessed Value
$50,000
Average Clay County Assessed Value
$40,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goose Rock, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40944 | $42,400 | $45,250 | $50,000 | $62,500 | $70,000 |
Source: Ownwell
Property Tax Bills Across Goose Rock, Kentucky
In Goose Rock, located in Clay County, KY, property tax bills are calculated based on the assessed value of the property. Homeowners in this area experience a property tax rate that is influenced by the local government's budgetary needs and the total value of taxable property within the county. The median home price in Goose Rock is $50,000, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $664, while the 75th percentile tax bill reaches $812, and the 90th percentile tax bill is $856. These figures demonstrate the range of property tax obligations that homeowners might encounter. The assessed value of a property is a critical factor in determining the tax bill. This value is typically lower than the market value, providing some relief to homeowners. However, the property tax rate in Goose Rock can still impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners in Goose Rock better anticipate their property tax responsibilities and plan accordingly.
Average Goose Rock Tax Bill
$738
Average Clay County Tax Bill
$348
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Goose Rock, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40944 | $620 | $664 | $738 | $812 | $856 |
Source: Ownwell