Bimble, Kentucky Property Taxes
The median property tax rate in Bimble, KY is 1.14%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Bimble being $30,000, the typical annual property tax bill is $319, which is significantly lower than the national median of $2,690. Property taxes in Bimble are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bimble'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 Bimble 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
Bimble, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$342
Ownwell’s Bimble Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bimble with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bimble 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 Bimble, Kentucky
Property taxes in Bimble, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bimble is 1.14%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Bimble set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bimble 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 Bimble's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40915 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these cities compare with Bimble 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 Bimble Tax Rate
1.14%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bimble, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40915 | 0.46% | 1.09% | 1.14% | 1.25% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Bimble, Kentucky
In Bimble, 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 Bimble, 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 Bimble 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 $319, found in the 40915 zip code.
Average Bimble Assessed Value
$30,000
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 Bimble, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40915 | $5,000 | $12,250 | $30,000 | $81,125 | $143,500 |
Source: Ownwell
Property Tax Bills Across Bimble, Kentucky
In Bimble, property tax bills are calculated based on the assessed value of the property, which is determined by local county assessors. For a median home price of $30,000 in Knox County, the tax bill can vary significantly. The 25th percentile tax bill is $128, while the 75th percentile tax bill can reach up to $887. At the 90th percentile, homeowners might see bills as high as $1,554. The assessed value is influenced by factors such as the property's market value, improvements, and location. Compared to the national median property tax rate of 0.99%, the property tax rates in Bimble can be quite variable. This variability means that homeowners in Bimble need to be mindful of how changes in property assessments and local tax rates can impact their annual tax bills. Understanding these factors is crucial for effective financial planning and can significantly affect a homeowner's budget.
Average Bimble Tax Bill
$319
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bimble, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40915 | $54 | $128 | $319 | $887 | $1,554 |
Source: Ownwell