Corinth, Kentucky Property Taxes
The median property tax rate in Corinth, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Corinth at $31,936, the typical annual property tax bill amounts to $319, which is significantly lower than the national median of $2,690. Property taxes in Corinth 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 Corinth'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 Corinth 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
Corinth, 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 Corinth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinth 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 Corinth, Kentucky
Property taxes in Corinth, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corinth is 0.89%, which is lower than both the Kentucky state median of 0.93% and the U.S. national median of 0.99%. Local government entities within Corinth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corinth 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 Corinth's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41010 zip code has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Corinth provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinth Tax Rate
1.06%
Average Harrison County Tax Rate
0.99%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41010 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Corinth, Kentucky
In Corinth, 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 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 Corinth, 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 Corinth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $319 in the 41010 zip code, while the lowest median tax bill is also $319 in the same zip code.
Average Corinth Assessed Value
$31,936
Average Harrison County Assessed Value
$90,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41010 | $8,000 | $15,000 | $31,936 | $70,300 | $140,157 |
Source: Ownwell
Property Tax Bills Across Corinth, Kentucky
In Corinth, located in Harrison County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $31,936. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, properties in zip code 41010 have a median tax bill of $319.00, which is consistent for both the highest and lowest median tax bills in the area. Homeowners in Corinth can expect their tax bills to vary significantly. For example, tax bills at the 25th percentile are around $158, while those at the 75th percentile reach $731, and at the 90th percentile, they can be as high as $1,313. These variations can significantly impact homeowners, influencing their annual budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Corinth's relatively low home prices result in generally lower tax bills, providing some financial relief to homeowners in the area.
Average Corinth Tax Bill
$319
Average Harrison County Tax Bill
$798
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41010 | $84 | $158 | $319 | $731 | $1,313 |
Source: Ownwell