Pine Knot, Kentucky Property Taxes
The median property tax rate in Pine Knot, KY is 0.82%, which is notably lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Pine Knot at $42,000, the typical annual property tax bill amounts to $245, significantly below the national median of $2,690. Property taxes in Pine Knot are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Pine Knot'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 Pine Knot or elsewhere in McCreary County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pine Knot, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$344
Ownwell’s Pine Knot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pine Knot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pine Knot 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 Pine Knot, Kentucky
Property taxes in Pine Knot, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pine Knot is 0.82%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Pine Knot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pine Knot 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 Pine Knot's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42635 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these areas compare with Pine Knot provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pine Knot Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pine Knot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42635 | 0.28% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Pine Knot, Kentucky
In Pine Knot, 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 McCreary 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 Pine Knot, 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 Pine Knot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Pine Knot is $245.00, found in zip code 42635, which also has the lowest median tax bill of $245.00.
Average Pine Knot Assessed Value
$42,000
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pine Knot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42635 | $3,000 | $10,000 | $42,000 | $80,000 | $130,000 |
Source: Ownwell
Property Tax Bills Across Pine Knot, Kentucky
In Pine Knot, McCreary County, KY, property tax bills are calculated based on the assessed value of your home. The median home price in this area is $42,000. The local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate your tax bill. Factors such as property size, location, and any improvements made can influence the assessed value. Homeowners in Pine Knot can expect significant variations in their property tax bills. For instance, the 25th percentile tax bill is around $65, while the 75th percentile tax bill reaches $579. At the 90th percentile, it can go up to $1,018. These figures highlight the range of possible tax bills based on different property values and assessments. Comparatively, Pine Knot's property tax rate is lower than the national median property tax rate of 0.99%. This lower tax rate can be beneficial for homeowners, making the area more affordable in terms of property taxes.
Average Pine Knot Tax Bill
$245
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pine Knot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42635 | $24 | $65 | $245 | $579 | $1,018 |
Source: Ownwell