Grays Knob, Kentucky Property Taxes
The median property tax rate in Grays Knob, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Grays Knob at $35,000, the typical annual property tax bill reaches $432, which is significantly lower than the national median of $2,690. Property taxes in Grays Knob 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 Grays Knob'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 Grays Knob or another part of Harlan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grays Knob, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$473
Ownwell’s Grays Knob Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grays Knob with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grays Knob 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 Grays Knob, Kentucky
Property taxes in Grays Knob, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grays Knob is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Grays Knob set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grays Knob 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 Grays Knob's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40829 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Grays Knob 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 Grays Knob Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grays Knob, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40829 | 0.32% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Grays Knob, Kentucky
In Grays Knob, 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 Harlan 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. In Grays Knob, 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 Grays Knob helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the area ranges from $183 at the 25th percentile to $1,689 at the 90th percentile, with the highest and lowest median tax bills both at $432 in zip code 40829.
Average Grays Knob Assessed Value
$35,000
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 Grays Knob, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40829 | $11,920 | $20,000 | $35,000 | $52,000 | $127,300 |
Source: Ownwell
Property Tax Bills Across Grays Knob, Kentucky
In Grays Knob, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax authorities and is a percentage of the property's market value. For homeowners in Grays Knob, the median home price is $35,000. Property tax rates in this area vary, with the 25th percentile tax bill at $183 and the 75th percentile tax bill reaching $826. At the 90th percentile, homeowners can expect to pay up to $1,689 in property taxes. Several factors influence the tax bill, including property size, location, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. For comparison, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates affect their annual expenses. In Grays Knob, the highest and lowest median tax bills both stand at $432, highlighting some consistency within the area.
Average Grays Knob Tax Bill
$432
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Grays Knob, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40829 | $63 | $183 | $432 | $826 | $1,689 |
Source: Ownwell