Bays, Kentucky Property Taxes
The median property tax rate in BAYS, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in BAYS at $60,800, the typical annual property tax bill reaches $291, which is below the national median of $2,690. Property taxes in BAYS 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 BAYS'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 BAYS 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
Bays, 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 BAYS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BAYS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BAYS 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 Bays, Kentucky
Property taxes in Bays, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bays is 1.37%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Bays set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bays 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 Bays' effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41310 zip code has both the highest and lowest median property tax rate of 1.37%. Understanding how these areas compare with Bays provides valuable insights into the varying tax landscape across Breathitt County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bays Tax Rate
1.37%
Average Breathitt County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bays, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41310 | 0.31% | 0.36% | 1.37% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Bays, Kentucky
In BAYS, 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 Breathitt 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 BAYS, 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 BAYS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Breathitt County, the highest median tax bill is $291.00 in the 41310 zip code, while the lowest median tax bill is also $291.00 in the same zip code.
Average Bays Assessed Value
$60,800
Average Breathitt County Assessed Value
$25,538
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bays, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41310 | $17,800 | $39,000 | $60,800 | $63,000 | $82,500 |
Source: Ownwell
Property Tax Bills Across Bays, Kentucky
In BAYS, property tax bills are calculated based on the assessed value of the property, which is determined by the Breathitt County Assessor's Office. The assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to determine the tax bill. The median home price in BAYS is $60,800, and the property tax rate in the area is competitive compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and improvements made to the property. For instance, tax bills in the 25th percentile are around $203, while those in the 75th percentile reach up to $537. Homeowners in the 90th percentile may see tax bills as high as $1,005. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for BAYS residents. The highest and lowest median tax bills in the area are both $291, reflecting a relatively consistent tax burden across different properties.
Average Bays Tax Bill
$291
Average Breathitt County Tax Bill
$188
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bays, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41310 | $109 | $203 | $291 | $537 | $1,005 |
Source: Ownwell