Putney, Kentucky Property Taxes
The median property tax rate in Putney, 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 Putney at $41,850, the typical annual property tax bill reaches $446, which is much lower than the national median of $2,690. Property taxes in Putney 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 Putney'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 Putney 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
Putney, 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 Putney Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Putney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putney to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Putney, Kentucky
Property taxes in Putney, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Putney is 1.35%, which is significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Putney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putney 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 Putney's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40865 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 Putney 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 Putney 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 Putney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40865 | 0.39% | 0.85% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Putney, Kentucky
In Putney, 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 Putney, 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 Putney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Putney are both $446, found in the 40865 zip code.
Average Putney Assessed Value
$41,850
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 Putney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40865 | $7,690 | $22,750 | $41,850 | $69,200 | $116,100 |
Source: Ownwell
Property Tax Bills Across Putney, Kentucky
In Putney, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local property assessor. The assessed value typically reflects a percentage of the property's market value. For homeowners in Putney, the median home price stands at $41,850. Property tax rates in this region can vary, but the median tax bill is approximately $446. This is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, tax bills in Putney range from $189 at the 25th percentile to $1,640 at the 90th percentile, indicating a wide variation based on property value and applicable tax rates. Homeowners need to be aware of these factors, as they directly impact annual financial obligations. Understanding these elements can help homeowners better manage their budgets and anticipate future tax liabilities.
Average Putney Tax Bill
$446
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Putney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40865 | $68 | $189 | $446 | $836 | $1,640 |
Source: Ownwell