Tollesboro, Kentucky Property Taxes
The median property tax rate in Tollesboro, KY is 1.11%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $46,050 in Tollesboro, the typical annual property tax bill comes to $359, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Tollesboro'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 Tollesboro or another part of Lewis County, grasping the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tollesboro, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$511
Ownwell’s Tollesboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tollesboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tollesboro 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 Tollesboro, Kentucky
Property taxes in Tollesboro, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tollesboro is 1.11%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Tollesboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tollesboro 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 Tollesboro's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41189 zip code has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Tollesboro provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tollesboro Tax Rate
1.11%
Average Lewis County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tollesboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41189 | 0.43% | 1.01% | 1.11% | 1.11% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Tollesboro, Kentucky
In Tollesboro, 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 local 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 Tollesboro, 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 Tollesboro 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 $359.00 in zip code 41189, which also represents the lowest median tax bill, offering a unique consistency in property tax burdens across the region.
Average Tollesboro Assessed Value
$46,050
Average Lewis County Assessed Value
$28,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tollesboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41189 | $4,000 | $12,025 | $46,050 | $79,375 | $125,000 |
Source: Ownwell
Property Tax Bills Across Tollesboro, Kentucky
In Tollesboro, located in Lewis County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local tax assessors and reflects the property's market value. Homeowners in Tollesboro experience property tax rates that are influenced by various factors, including the median home price, which stands at $46,050. The tax bill a homeowner receives can vary significantly. For instance, the 25th percentile tax bill is around $111, while the 75th percentile reaches $755, and the 90th percentile can be as high as $1,255. These variations depend on the specific characteristics and values of individual properties. Compared to the national median property tax rate of 0.99%, Tollesboro residents benefit from relatively lower property taxes, which can provide financial relief to homeowners. Understanding these factors helps homeowners anticipate their tax liabilities and plan their finances accordingly.
Average Tollesboro Tax Bill
$359
Average Lewis County Tax Bill
$218
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Tollesboro, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41189 | $40 | $111 | $359 | $755 | $1,255 |
Source: Ownwell