Isom, Kentucky Property Taxes
The median property tax rate in ISOM, 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 ISOM at $30,000, the typical annual property tax bill reaches $247, which is below the national median of $2,690. Property taxes in ISOM 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 ISOM’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 ISOM 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
Isom, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$438
Ownwell’s ISOM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ISOM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ISOM 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 Isom, Kentucky
Property taxes in ISOM, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ISOM is 1.46%, which is significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within ISOM set these rates annually, and they can vary significantly across different neighborhoods. Each year, ISOM 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 ISOM's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41824 zip code has the highest median property tax rate of 1.46%, while the 41824 zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with ISOM 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 Isom 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 Isom, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41824 | 0.19% | 0.71% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Isom, Kentucky
In ISOM, 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 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 ISOM, 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 ISOM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in ISOM is $247.00, found in zip code 41824.
Average Isom Assessed Value
$30,000
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 Isom, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41824 | $2,000 | $6,000 | $30,000 | $56,750 | $85,000 |
Source: Ownwell
Property Tax Bills Across Isom, Kentucky
In ISOM, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. For homeowners, this assessment is crucial as it directly influences the amount of property taxes owed. The median home price in ISOM is $30,000. Property tax bills in the area can vary significantly, with the 25th percentile at $58 and the 75th percentile reaching $635. The 90th percentile tax bill is $1,164, indicating that higher-valued properties incur substantially larger tax obligations. Compared to the national median property tax rate of 0.99%, ISOM's property tax rates reflect a diverse range of tax bills. Factors such as property location, improvements, and market conditions play a vital role in determining the assessed value. For homeowners in ISOM, understanding these factors is essential for managing their annual tax liabilities and planning their finances effectively. The highest and lowest median tax bills both stand at $247 in the zip code 41824, providing a benchmark for typical tax expenses in the region.
Average Isom Tax Bill
$247
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Isom, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41824 | $22 | $58 | $247 | $635 | $1,164 |
Source: Ownwell