Barbourville, Kentucky Property Taxes
The median property tax rate in Barbourville, KY is 1.12%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $41,900 in Barbourville, the typical annual property tax bill is around $389, significantly lower than the national median of $2,690. Property taxes in Barbourville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Barbourville'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 Barbourville or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Barbourville, 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 Barbourville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Barbourville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barbourville 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 Barbourville, Kentucky
Property taxes in Barbourville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Barbourville is 0.66%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Barbourville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barbourville 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 Barbourville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the ZIP code 40906 has the highest median property tax rate of 0.66%, while the same ZIP code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Barbourville provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barbourville Tax Rate
1.12%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barbourville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | 0.53% | 0.64% | 1.12% | 1.20% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Barbourville, Kentucky
In Barbourville, 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 Knox 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 Barbourville, 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 Barbourville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $389 in the 40906 zip code.
Average Barbourville Assessed Value
$41,900
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barbourville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | $5,000 | $15,000 | $41,900 | $90,000 | $147,038 |
Source: Ownwell
Property Tax Bills Across Barbourville, Kentucky
In Barbourville, located in Knox County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $41,900, which is significantly lower than the national median. Property taxes are determined by multiplying the assessed value by the local tax rate. For homeowners in Barbourville, the tax bill can vary widely. For instance, the tax bill at the 25th percentile is $142, while at the 75th percentile, it rises to $807. At the 90th percentile, it can reach as high as $1,368. The highest median tax bill in the area is $389, which is consistent across the 40906 zip code. These variations in tax bills reflect differences in property values and the specific tax rates applied. Understanding these factors is crucial for homeowners as they directly impact annual expenses and overall affordability of owning property in Barbourville.
Average Barbourville Tax Bill
$389
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Barbourville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | $56 | $142 | $389 | $807 | $1,368 |
Source: Ownwell