Deane, Kentucky Property Taxes
The median property tax rate in Deane, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Deane at $29,000, the typical annual property tax bill reaches $204, which is significantly lower than the national median of $2,690. Property taxes in Deane are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Deane'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 Deane 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
Deane, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$423
Ownwell’s Deane Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Deane with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Deane 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 Deane, Kentucky
Property taxes in Deane, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Deane is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Deane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Deane 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 Deane's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41812 has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Deane provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Deane Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Deane, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41812 | 0.11% | 0.77% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Deane, Kentucky
In Deane, 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 Letcher 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 Deane, 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 Deane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Deane is $29,000, with the highest and lowest median tax bills both being $204, particularly in the 41812 zip code.
Average Deane Assessed Value
$29,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Deane, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41812 | $2,000 | $7,575 | $29,000 | $45,000 | $77,100 |
Source: Ownwell
Property Tax Bills Across Deane, Kentucky
In Deane, KY, property tax bills are calculated based on the assessed value of a home, which is often lower than its market value. The median home price in Deane is $29,000, and property tax rates are applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Deane can expect a wide range of property tax bills. For example, the tax bill at the 25th percentile is $52, while at the 75th percentile, it rises to $436. The 90th percentile tax bill reaches $713. These variations demonstrate how property values and local tax rates affect the financial responsibilities of homeowners. Compared to the national median property tax rate of 0.99%, Deane's property tax bills are relatively modest, which can be beneficial for homeowners looking for affordability in their property-related expenses.
Average Deane Tax Bill
$204
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Deane, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41812 | $15 | $52 | $204 | $436 | $713 |
Source: Ownwell