Irvine, Kentucky Property Taxes
The median property tax rate in Irvine, KY is 1.07%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Irvine, the typical annual property tax bill reaches $301, which is significantly lower than the national median of $2,690. Property taxes in Irvine are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Irvine'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 Irvine or another part of Estill County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Irvine, 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 Irvine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irvine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irvine 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 Irvine, Kentucky
Property taxes in Irvine, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Irvine is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Irvine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irvine 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 Irvine's effective property tax rate to other regions in Kentucky and the national median. For comparison, the zip code 40336 has both the highest and lowest median property tax rate of 1.07%. Understanding how these areas compare with Irvine provides valuable insights into the varying tax landscape across Estill County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irvine Tax Rate
1.07%
Average Estill County Tax Rate
1.07%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irvine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40336 | 0.52% | 1.07% | 1.07% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Irvine, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Irvine, KY. 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 Estill 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 Irvine, 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 Irvine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40336, with a tax bill of $301.00.
Average Irvine Assessed Value
$35,000
Average Estill County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irvine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40336 | $2,670 | $9,000 | $35,000 | $80,000 | $140,000 |
Source: Ownwell
Property Tax Bills Across Irvine, Kentucky
In Irvine, located in Estill County, KY, property tax bills are calculated based on the assessed value of the home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $35,000, the tax bill can range significantly. At the 25th percentile, homeowners might pay around $81, while those at the 75th percentile could see bills as high as $782. The 90th percentile reaches up to $1,477, reflecting the variability in property values and tax burdens. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. Homeowners in Irvine experience property tax rates that can be compared to the national median property tax rate of 0.99%. This comparison highlights how local rates and property values impact individual tax obligations. Understanding these factors is crucial for homeowners to anticipate their financial responsibilities and plan accordingly.
Average Irvine Tax Bill
$301
Average Estill County Tax Bill
$279
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Irvine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40336 | $24 | $81 | $301 | $782 | $1,477 |
Source: Ownwell