Grayson, Kentucky Property Taxes
The median property tax rate in Grayson, KY is 1.11%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Grayson at $56,000, the typical annual property tax bill amounts to $562, which is significantly lower than the national median of $2,690. Property taxes in Grayson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grayson'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 Grayson 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
Grayson, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$622
Ownwell’s Grayson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grayson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grayson 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 Grayson, Kentucky
Property taxes in Grayson, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grayson is 0.77%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Grayson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grayson 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 Grayson's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41143 zip code in Greenup County has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Grayson 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 Grayson Tax Rate
1.11%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grayson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41143 | 0.41% | 0.76% | 1.11% | 1.60% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Grayson, Kentucky
In Grayson, 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 Greenup County Property Valuation Administrator 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. 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. For instance, the zip code 41143 in Grayson has the highest median tax bill at $562. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grayson Assessed Value
$56,000
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 Grayson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41143 | $10,000 | $27,194 | $56,000 | $92,375 | $170,000 |
Source: Ownwell
Property Tax Bills Across Grayson, Kentucky
In Grayson, KY, property tax bills are calculated based on the assessed value of a property rather than its market value. The assessed value is determined by the local tax assessor and is a crucial factor in computing the tax bill. Homeowners in Grayson, located in Greenup County, face a median property tax rate that is relatively low compared to the national median of 0.99%. For instance, the median home price in Grayson is $56,000, leading to varying tax bills across different percentiles. At the 25th percentile, homeowners might see a tax bill around $288, while those in the 75th percentile could pay approximately $1,138. The 90th percentile sees a tax bill as high as $2,023. The highest and lowest median tax bills in the area are both $562, found in the 41143 zip code. These factors collectively influence the financial responsibilities of homeowners, making property taxes a significant consideration in homeownership in Grayson.
Average Grayson Tax Bill
$562
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Grayson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41143 | $143 | $288 | $562 | $1,138 | $2,023 |
Source: Ownwell