Eubank, Kentucky Property Taxes
The median property tax rate in Eubank, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Eubank being $47,050, the typical annual property tax bill reaches $441, which is significantly lower than the national median of $2,690. Property taxes in Eubank 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 Eubank'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 Eubank or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eubank, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$489
Ownwell’s Eubank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eubank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eubank 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 Eubank, Kentucky
Property taxes in Eubank, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eubank is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Eubank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eubank 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 Eubank's effective property tax rate to other areas and the national median. For comparison, the 42567 zip code in Lincoln County has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these areas compare with Eubank provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eubank Tax Rate
1.04%
Average Lincoln County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eubank, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42567 | 0.54% | 0.97% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Eubank, Kentucky
In Eubank, 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 Lincoln 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 Eubank, 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 Eubank 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 $441 in the zip code 42567, while the lowest median tax bill is also $441 in the same zip code.
Average Eubank Assessed Value
$47,050
Average Lincoln County Assessed Value
$67,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eubank, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42567 | $6,500 | $14,850 | $47,050 | $98,628 | $152,650 |
Source: Ownwell
Property Tax Bills Across Eubank, Kentucky
In Eubank, KY, within Lincoln County, property tax bills are calculated based on the assessed value of a home. The median home price in Eubank is $47,050, which serves as a starting point for determining the tax bill. The local tax rate is applied to this assessed value to arrive at the annual property tax amount. Various factors can influence this calculation, including changes in the assessed value due to market conditions or property improvements. Homeowners in Eubank experience a range of tax bills. For instance, those in the 25th percentile pay around $124, while those in the 75th percentile see tax bills closer to $830. At the higher end, the 90th percentile tax bill reaches approximately $1,438. Compared to the national median property tax rate of 0.99%, Eubank’s property tax rates are relatively modest. These taxes fund essential public services, impacting homeowners by contributing to community resources and infrastructure.
Average Eubank Tax Bill
$441
Average Lincoln County Tax Bill
$557
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eubank, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42567 | $58 | $124 | $441 | $830 | $1,438 |
Source: Ownwell