Whitesburg, Kentucky Property Taxes
The median property tax rate in Whitesburg, 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 Whitesburg at $30,000, the typical annual property tax bill reaches $289, which is below the national median of $2,690. Property taxes in Whitesburg 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 Whitesburg'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 Whitesburg 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
Whitesburg, 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 Whitesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitesburg 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 Whitesburg, Kentucky
Property taxes in Whitesburg, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whitesburg is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Whitesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitesburg 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 Whitesburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41858 zip code has both the highest and lowest median property tax rate of 1.46%. Understanding how these areas compare with Whitesburg 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 Whitesburg 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 Whitesburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41858 | 0.29% | 0.82% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Whitesburg, Kentucky
In Whitesburg, 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 Whitesburg, 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 Whitesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41858 has both the highest and lowest median tax bill, valued at $289.
Average Whitesburg 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 Whitesburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41858 | $2,000 | $8,000 | $30,000 | $65,000 | $107,640 |
Source: Ownwell
Property Tax Bills Across Whitesburg, Kentucky
In Whitesburg, located in Letcher County, KY, property tax bills are determined based on the assessed value of a home. The median home price in this area is $30,000. Tax authorities assess the property to establish its taxable value, which is then multiplied by the local tax rate to calculate the tax bill. For homeowners in Whitesburg, tax bills can vary significantly. For instance, the 25th percentile tax bill is $73, while the 75th percentile tax bill climbs to $728, and the 90th percentile reaches $1,342. These figures illustrate how different factors, such as property size, location, and market conditions, can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Whitesburg's property tax rates can be relatively modest, offering some relief to homeowners. However, the variability in tax bills highlights the importance of understanding property assessments and advocating for fair valuations to manage property tax obligations effectively.
Average Whitesburg Tax Bill
$289
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitesburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41858 | $29 | $73 | $289 | $728 | $1,342 |
Source: Ownwell