Keavy, Kentucky Property Taxes
The median property tax rate in Keavy, KY is 0.79%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,000 in Keavy, the typical annual property tax bill is $237, significantly below the national median of $2,690. Property taxes in Keavy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Keavy's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Keavy or another part of Laurel County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keavy, 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 Keavy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keavy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keavy 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 Keavy, Kentucky
Property taxes in Keavy, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keavy is 0.79%, which is below the U.S. national median of 0.99%. Local government entities within Keavy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keavy 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 Keavy's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40701 has the highest median property tax rate of 0.79%, while the lowest median tax rate is also found in the same zip code at 0.79%. Understanding how these areas compare with Keavy provides valuable insights into the varying tax landscape across Laurel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Keavy Tax Rate
0.79%
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keavy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | 0.56% | 0.70% | 0.79% | 0.79% | 0.79% |
| 40737 | 0.44% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Keavy, Kentucky
In Keavy, 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 Laurel County Property Valuation Administrator 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 Keavy, 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. For instance, the median home price in Keavy is $40,000, with tax bills ranging widely across different percentiles. The 25th percentile tax bill is around $79, while the 75th percentile tax bill is approximately $648. The highest median tax bill is $640 in the 40701 zip code, whereas the lowest is $233 in the 40737 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Keavy Assessed Value
$40,000
Average Laurel County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Keavy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $25,820 | $52,275 | $80,900 | $160,275 | $260,800 |
| 40737 | $5,000 | $12,000 | $40,000 | $90,000 | $135,000 |
Source: Ownwell
Property Tax Bills Across Keavy, Kentucky
In Keavy, located in Laurel County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The median home price in Keavy is $40,000. Tax rates are applied to this assessed value to compute the annual tax bill. For example, homeowners in Keavy can expect a tax bill ranging from $79 at the 25th percentile to $1,003 at the 90th percentile. The median tax bill in the highest-taxed zip code, 40701, is $640, while the lowest median tax bill in zip code 40737 is $233. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Keavy homeowners experience relatively lower tax burdens. Such variations in tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning. Understanding these factors can help residents better anticipate their annual property tax obligations.
Average Keavy Tax Bill
$237
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Keavy, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $53 | $376 | $640 | $914 | $1,953 |
| 40737 | $40 | $79 | $233 | $619 | $991 |
Source: Ownwell