Yerkes, Kentucky Property Taxes
The median property tax rate in Yerkes, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $15,000 in Yerkes, the typical annual property tax bill amounts to $151, which is significantly lower than the national median of $2,690. Property taxes in Yerkes are calculated based on the assessed value, which is often below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Yerkes'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 Yerkes or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Yerkes, 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 Yerkes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yerkes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yerkes 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 Yerkes, Kentucky
Property taxes in Yerkes, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Yerkes is 0.66%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Yerkes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yerkes 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 Yerkes' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41778 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Yerkes provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Yerkes Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yerkes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41778 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Yerkes, Kentucky
In Yerkes, 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 Perry 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 Yerkes, 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. For instance, the highest median tax bill in Yerkes is $151 in the 41778 zip code, while the lowest is also $151 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Yerkes Assessed Value
$15,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Yerkes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41778 | $5,000 | $5,000 | $15,000 | $25,000 | $70,200 |
Source: Ownwell
Property Tax Bills Across Yerkes, Kentucky
In Yerkes, KY, property tax bills are calculated based on the assessed value of a home, which is often lower than the market value. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Yerkes, the median home price stands at $15,000, with property tax bills varying widely. The 25th percentile tax bill is $52, while the 75th percentile reaches $260, and the 90th percentile climbs to $623. Comparatively, the national median property tax rate is 0.99%, making Yerkes' rates relatively modest. These tax bills can significantly impact homeowners, affecting monthly budgets and long-term financial planning. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Yerkes Tax Bill
$151
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Yerkes, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41778 | $52 | $52 | $151 | $260 | $623 |
Source: Ownwell