Draffin, Kentucky Property Taxes
The median property tax rate in Draffin, KY is 1.50%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Draffin at $35,000, the typical annual property tax bill reaches $526, which is significantly lower than the national median of $2,690. Property taxes in Draffin 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 Draffin'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 Draffin 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
Draffin, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$525
Ownwell’s Draffin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Draffin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Draffin 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 Draffin, Kentucky
Property taxes in Draffin, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Draffin is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Draffin set these rates annually, and they can vary across different neighborhoods. Each year, Draffin 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 Draffin's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41522 zip code has the highest median property tax rate of 1.50%, while the 41522 zip code also has the lowest median tax rate of 1.50%. Understanding how these cities compare with Draffin provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Draffin Tax Rate
1.50%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Draffin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41522 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Draffin, Kentucky
In Draffin, 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 Pike County Property Valuation Administrator 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 Draffin, 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 Draffin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $526, found in the 41522 zip code.
Average Draffin Assessed Value
$35,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Draffin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41522 | $35,000 | $35,000 | $35,000 | $35,000 | $35,000 |
Source: Ownwell
Property Tax Bills Across Draffin, Kentucky
In Draffin, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the Pike County property assessor. The median home price in Draffin is $35,000. Property taxes are then applied at the local tax rate, which can vary but typically aligns with county regulations. For instance, the median property tax bill in Draffin is $526, which is significantly higher than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including property size, location, and any applicable exemptions. Homeowners in Draffin can expect their tax bills to fall within a narrow range, as the 25th, 75th, and 90th percentile tax bills are all $526, indicating a consistent application of the tax rate. This consistency helps homeowners predict their annual expenses more accurately. However, the relatively high property tax rate compared to the national median can impact overall affordability for homeowners in the area.
Average Draffin Tax Bill
$526
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Draffin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41522 | $526 | $526 | $526 | $526 | $526 |
Source: Ownwell