Garrison, Kentucky Property Taxes
The median property tax rate in Garrison, KY is 1.32%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Garrison, the typical annual property tax bill reaches $427, which is significantly lower than the national median of $2,690. Property taxes in Garrison 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 Garrison'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 Garrison 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
Garrison, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$500
Ownwell’s Garrison Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Garrison with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Garrison to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Garrison, Kentucky
Property taxes in Garrison, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrison is 1.32%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Garrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrison 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 Garrison's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41141 zip code has the highest median property tax rate of 1.32%, while the same 41141 zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Garrison provides valuable insights into the varying tax landscape across Greenup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrison Tax Rate
1.32%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrison, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41141 | 0.37% | 0.74% | 1.32% | 1.60% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Garrison, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Garrison, Kentucky. 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 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 Garrison, 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 Garrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 41141 has the highest median tax bill at $427, which is significantly higher than the national median property tax rate of 0.99%. This knowledge empowers homeowners to seek potential savings and ensure they are not overpaying on their property taxes.
Average Garrison Assessed Value
$37,890
Average Greenup County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrison, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41141 | $4,000 | $11,675 | $37,890 | $82,175 | $140,900 |
Source: Ownwell
Property Tax Bills Across Garrison, Kentucky
Property tax bills in Garrison, Greenup County, KY, are calculated based on the assessed value of a property, which is determined by local tax authorities. The assessed value is a percentage of the market value of the home. The tax rate, set by local governments, is then applied to this assessed value to determine the annual tax bill. Homeowners in Garrison can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is $152, while the 75th percentile tax bill reaches $899. At the higher end, the 90th percentile tax bill is $1,658. These figures highlight the range of tax burdens homeowners may face, depending on the value of their property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Garrison's property tax landscape can be considered relatively moderate, providing some relief to homeowners. Understanding how these factors interplay helps homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Garrison Tax Bill
$427
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrison, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41141 | $66 | $152 | $427 | $899 | $1,658 |
Source: Ownwell