Chevrolet, Kentucky Property Taxes
The median property tax rate in Chevrolet, KY is 0.31%, significantly lower than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value in Chevrolet, the typical annual property tax bill reaches $4,510, surpassing the national median of $2,690. Property taxes in Chevrolet are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Chevrolet'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 Chevrolet 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
Chevrolet, 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 Chevrolet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chevrolet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chevrolet 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 Chevrolet, Kentucky
Property taxes in Chevrolet, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chevrolet is 0.31%, which is significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Chevrolet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chevrolet 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 Chevrolet's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is found in ZIP code 41017, with a rate of 1.23%, while the lowest median tax rate is in ZIP code 42728, with a rate of 0.12%. Understanding how these cities compare with Chevrolet provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chevrolet Tax Rate
0.31%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chevrolet, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40831 | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
Source: Ownwell
Property Tax Assessment Values Across Chevrolet, Kentucky
In Chevrolet, 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 Chevrolet, 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 Chevrolet helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Chevrolet is $1,477,070, with the highest and lowest median tax bill both being $4,510 in the 40831 zip code.
Average Chevrolet Assessed Value
$1,477,070
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chevrolet, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40831 | $1,477,070 | $1,477,070 | $1,477,070 | $1,477,070 | $1,477,070 |
Source: Ownwell
Property Tax Bills Across Chevrolet, Kentucky
In Chevrolet, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Chevrolet face a median property tax rate that is influenced by various local factors, including school funding, infrastructure needs, and municipal services. For instance, the median home price in Chevrolet is $1,477,070, and property tax bills can vary significantly. The 25th, 75th, and 90th percentile tax bills all stand at $4,510, indicating a relatively uniform tax burden across different property values. This uniformity suggests a stable tax rate applied consistently across the board. Homeowners in Chevrolet may find their property tax bills to be a substantial portion of their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding how these taxes are calculated and what factors are considered can help homeowners plan their finances more effectively.
Average Chevrolet Tax Bill
$4,510
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Chevrolet, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40831 | $4,510 | $4,510 | $4,510 | $4,510 | $4,510 |
Source: Ownwell