Blaine, Kentucky Property Taxes
The median property tax rate in Blaine, KY is 1.19%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Blaine at $22,100, the typical annual property tax bill is $202, which is significantly lower than the national median of $2,690. Property taxes in Blaine are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Blaine'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 Blaine or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Blaine, 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 Blaine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blaine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blaine 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 Blaine, Kentucky
Property taxes in Blaine, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blaine is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Blaine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blaine 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 Blaine's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41124 zip code has the highest median property tax rate of 1.19%, while the 41124 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Blaine provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blaine Tax Rate
1.19%
Average Lawrence County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blaine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41124 | 0.56% | 1.15% | 1.19% | 1.32% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Blaine, Kentucky
In Blaine, 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 Lawrence 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 Blaine, 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 Blaine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41124, amounting to $202.00, while the lowest median tax bill is also $202.00 in the same zip code.
Average Blaine Assessed Value
$22,100
Average Lawrence County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blaine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41124 | $3,000 | $7,500 | $22,100 | $47,100 | $78,480 |
Source: Ownwell
Property Tax Bills Across Blaine, Kentucky
In Blaine, 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. Blaine's property tax rate is relatively low compared to the national median property tax rate of 0.99%. Factors such as market conditions, property improvements, and neighborhood trends can influence the assessed value. Homeowners in Blaine experience a range of tax bills. The 25th percentile tax bill is $82, while the 75th percentile tax bill is $454, and the 90th percentile tax bill reaches $842. The highest and lowest median tax bills in Blaine both stand at $202, reflecting a consistent approach in the local taxation system. These tax bills can significantly impact homeowners, especially when budgeting for annual expenses. Lower property taxes can make homeownership more affordable, whereas higher tax bills can add to the financial burden. Understanding these factors helps homeowners in Blaine plan better for their financial future.
Average Blaine Tax Bill
$202
Average Lawrence County Tax Bill
$296
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Blaine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41124 | $46 | $82 | $202 | $454 | $842 |
Source: Ownwell