Three Point, Kentucky Property Taxes
The median property tax rate in Three Point, KY is 1.35%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Three Point being $70,000, the typical annual property tax bill amounts to $945, which is below the national median of $2,690. Property taxes in Three Point are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Three Point'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 Three Point 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
Three Point, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$945
Ownwell’s THREE POINT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in THREE POINT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in THREE POINT 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 Three Point, Kentucky
Property taxes in Three Point, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Three Point is 1.35%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Three Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Three Point 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 Three Point's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40815 has the highest median property tax rate of 1.35%, while the lowest median tax rate is also 1.35% in the same zip code. Understanding how these areas compare with Three Point 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 Three Point 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 Three Point, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40815 | 0.80% | 1.00% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Three Point, Kentucky
In THREE POINT, 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 THREE POINT, 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 THREE POINT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 40815, with a tax bill of $945, while the lowest median tax bill is also in the same zip code, highlighting a consistent tax rate across the area.
Average Three Point Assessed Value
$70,000
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 Three Point, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40815 | $44,400 | $54,000 | $70,000 | $125,150 | $158,240 |
Source: Ownwell
Property Tax Bills Across Three Point, Kentucky
In Three Point, located in Harlan County, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. For a median home price of $70,000, the property tax bill can vary significantly. The 25th percentile tax bill is around $729, while the 75th percentile reaches $1,064, and the 90th percentile can go up to $1,136. These figures indicate a range of tax burdens depending on the assessed value and specific exemptions or deductions that may apply. Factors such as property improvements, neighborhood developments, and changes in local tax rates can influence the assessed value, subsequently affecting the tax bill. Homeowners in Three Point may find their property tax bills slightly lower than the national median property tax rate of 0.99%, reflecting the local economic conditions and housing market. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Three Point Tax Bill
$945
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Three Point, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40815 | $599 | $729 | $945 | $1,064 | $1,136 |
Source: Ownwell