Gulston, Kentucky Property Taxes
The median property tax rate in Gulston, 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 Gulston at $30,000, the typical annual property tax bill reaches $310, which is significantly lower than the national median of $2,690. Property taxes in Gulston 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 Gulston'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 Gulston 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
Gulston, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$405
Ownwell’s GULSTON Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in GULSTON using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GULSTON to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Gulston, Kentucky
Property taxes in Gulston, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gulston is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gulston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gulston 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 Gulston's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40830 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 Gulston 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 Gulston 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 Gulston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40830 | 0.50% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Gulston, Kentucky
In Gulston, 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 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 Gulston, 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 Gulston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Gulston, both at $310, occur in the 40830 zip code.
Average Gulston Assessed Value
$30,000
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 Gulston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40830 | $5,760 | $16,250 | $30,000 | $40,500 | $63,975 |
Source: Ownwell
Property Tax Bills Across Gulston, Kentucky
In Gulston, property tax bills are calculated based on the assessed value of the property, which is determined by the Harlan County tax assessor. The median home price in Gulston is $30,000. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and any improvements made to the property are considered in the assessment process. Homeowners in Gulston can expect varying tax bills. For example, the 25th percentile tax bill is $139, while the 75th percentile tax bill is $479. At the 90th percentile, the tax bill rises to $668. These figures illustrate the range of property tax burdens faced by residents. Comparatively, the national median property tax rate is 0.99%, which provides context for understanding how Gulston's property taxes impact homeowners. The highest and lowest median tax bills in the area are both $310, found in the zip code 40830. These tax obligations can significantly influence household budgets and the overall affordability of homeownership in Gulston.
Average Gulston Tax Bill
$310
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gulston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40830 | $52 | $139 | $310 | $479 | $668 |
Source: Ownwell