Walker, Kentucky Property Taxes
The median property tax rate in Walker, KY is 1.14%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Walker at $18,400, the typical annual property tax bill is $196, significantly below the national median of $2,690. Property taxes in Walker are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Walker'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 Walker 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
Walker, 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 Walker Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Walker using just two data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Walker to estimate your property tax bill. This valuable tool provides insight into potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property's assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Walker, Kentucky
Property taxes in Walker, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walker is 0.73%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Walker set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walker 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 Walker's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40997 zip code has the highest median property tax rate of 0.73%, while the 40997 zip code has the lowest median tax rate of 0.73%. Understanding how these cities compare with Walker 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 Walker 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 Walker, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40997 | 1.07% | 1.08% | 1.14% | 1.29% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Walker, Kentucky
In Walker, 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 Walker, 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 Walker helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code in Walker with the highest median tax bill is 40997, with a median tax bill of $196, while the same zip code also has the lowest median tax bill at $196.
Average Walker Assessed Value
$18,400
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 Walker, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40997 | $3,225 | $6,000 | $18,400 | $34,250 | $64,067 |
Source: Ownwell
Property Tax Bills Across Walker, Kentucky
In Walker, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to arrive at the annual tax bill. Several factors are considered in this calculation, including the market value of the property, any applicable exemptions, and the specific tax rate set by the local government. For homeowners in Walker, this means that their property tax bill can vary significantly. The median home price in Walker is $18,400, and property tax bills range widely. For example, homeowners at the 25th percentile pay around $67 annually, while those at the 75th percentile pay approximately $379. At the 90th percentile, the tax bill can be as high as $728. This variation can significantly impact homeowners' finances, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Walker Tax Bill
$196
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Walker, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40997 | $41 | $67 | $196 | $379 | $728 |
Source: Ownwell