Keith, Kentucky Property Taxes
The median property tax rate in Keith, 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 Keith at $24,500, the typical annual property tax bill reaches $324, which is significantly lower than the national median of $2,690. Property taxes in Keith are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Keith'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 Keith 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
Keith, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$331
Ownwell’s Keith Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keith with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keith 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 Keith, Kentucky
Property taxes in Keith, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keith is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Keith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keith 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 Keith's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40806 has both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with Keith 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 Keith 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 Keith, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40806 | 1.22% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Keith, Kentucky
In Keith, 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 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 Keith, 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 Keith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $324.00, found in zip code 40806.
Average Keith Assessed Value
$24,500
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 Keith, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40806 | $5,488 | $8,962 | $24,500 | $43,731 | $75,650 |
Source: Ownwell
Property Tax Bills Across Keith, Kentucky
In Keith, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $24,500, property owners in Keith can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $119, while at the 75th percentile, they rise to approximately $540. For those at the 90th percentile, tax bills can reach up to $1,048. These figures illustrate the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, the tax bills in Keith reflect the local economic conditions and property values. Homeowners must account for these taxes when budgeting for homeownership, as they directly impact the overall cost of maintaining property in the area.
Average Keith Tax Bill
$324
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Keith, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40806 | $55 | $119 | $324 | $540 | $1,048 |
Source: Ownwell