Emlyn, Kentucky Property Taxes
The median property tax rate in Emlyn, KY is 0.75%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Emlyn at $43,500, the typical annual property tax bill is $241, significantly below the national median of $2,690. Property taxes in Emlyn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Emlyn'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 Emlyn 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
Emlyn, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$326
Ownwell’s Emlyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Emlyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Emlyn 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 Emlyn, Kentucky
Property taxes in Emlyn, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Emlyn is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Emlyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Emlyn 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 Emlyn's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40730 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Emlyn provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Emlyn Tax Rate
0.75%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Emlyn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40730 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Emlyn, Kentucky
In Emlyn, 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 Whitley 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 Emlyn, 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 Emlyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $241 in the 40730 zip code, reflecting the uniformity in property tax assessments within the area.
Average Emlyn Assessed Value
$43,500
Average Whitley County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Emlyn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40730 | $18,100 | $27,250 | $43,500 | $66,800 | $73,700 |
Source: Ownwell
Property Tax Bills Across Emlyn, Kentucky
In EMLYN, property tax bills are calculated based on the assessed value of a home, which is determined by the Whitley County tax assessor. The median home price in EMLYN is $43,500. Property tax rates can vary, but the median tax bill in the area is $241.00, which is significantly lower than the national median property tax rate of 0.99%. Factors considered in calculating the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or abatements. For homeowners, this means that the amount they owe in property taxes can fluctuate based on changes in assessed values and local tax policies. Homeowners in the 25th percentile pay around $200, whereas those in the 75th percentile pay approximately $452, and those in the 90th percentile see bills as high as $512. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in EMLYN.
Average Emlyn Tax Bill
$241
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Emlyn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40730 | $119 | $200 | $241 | $452 | $512 |
Source: Ownwell