Letcher, Kentucky Property Taxes
The median property tax rate in Letcher, 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 Letcher at $32,500, the typical annual property tax bill reaches $232, which is significantly lower than the national median of $2,690. Property taxes in Letcher are calculated based on the tax assessed value, often falling below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Letcher'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 Letcher 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
Letcher, 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 Letcher Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Letcher with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Letcher 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 Letcher, Kentucky
Property taxes in Letcher, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Letcher is 1.46%, significantly higher than the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Letcher set these rates annually, and they can vary significantly across different neighborhoods. Each year, Letcher 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 Letcher's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41832 has both the highest and lowest median property tax rate of 1.46%. Understanding how these areas compare with Letcher 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 Letcher 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 Letcher, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41832 | 0.25% | 0.71% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Letcher, Kentucky
In Letcher, 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 local authorities 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 Letcher, 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 Letcher helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $232 in zip code 41832, while the lowest median tax bill is also $232 in the same zip code.
Average Letcher Assessed Value
$32,500
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 Letcher, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41832 | $2,000 | $7,875 | $32,500 | $50,000 | $75,000 |
Source: Ownwell
Property Tax Bills Across Letcher, Kentucky
In Letcher, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Letcher is $32,500, and the tax rate is applied to this assessed value to determine the annual property tax bill. For homeowners, the tax bill can vary significantly, with the 25th percentile paying around $87, while those in the 75th percentile face bills of approximately $621. At the higher end, the 90th percentile sees tax bills reaching up to $946. Several factors influence these amounts, including the property's assessed value, any applicable exemptions, and local tax rates. Compared to the national median property tax rate of 0.99%, Letcher provides a relatively lower tax burden for homeowners. This lower tax rate can be beneficial for residents, making homeownership more affordable and potentially increasing the attractiveness of the area for new buyers. However, it's essential for homeowners to stay informed about their property's assessed value and any changes in local tax rates to manage their financial planning effectively.
Average Letcher Tax Bill
$232
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Letcher, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41832 | $29 | $87 | $232 | $621 | $946 |
Source: Ownwell