Clayhole, Kentucky Property Taxes
The median property tax rate in Clayhole, KY is 1.37%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Clayhole at $15,000, the typical annual property tax bill is $110, which is much lower than the national median of $2,690. Property taxes in Clayhole are calculated based on the tax assessed value, which is often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Clayhole'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 Clayhole 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
Clayhole, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$206
Ownwell’s Clayhole Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clayhole with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clayhole 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 Clayhole, Kentucky
Property taxes in Clayhole, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clayhole is 0.68%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Clayhole set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clayhole 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 Clayhole's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41317 zip code has the highest median property tax rate of 0.68%, while the 41317 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Clayhole 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 Clayhole 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 Clayhole, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41317 | 0.20% | 1.37% | 1.37% | 1.37% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Clayhole, Kentucky
In Clayhole, 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 Clayhole, 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 Clayhole helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Clayhole is $15,000, with the median tax bill ranging from $55 at the 25th percentile to $517 at the 90th percentile. The highest and lowest median tax bill is $110 in zip code 41317.
Average Clayhole Assessed Value
$15,000
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 Clayhole, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41317 | $3,000 | $5,000 | $15,000 | $35,000 | $46,240 |
Source: Ownwell
Property Tax Bills Across Clayhole, Kentucky
In Clayhole, property tax bills are calculated based on the assessed value of a property, which is generally lower than its market value. The median home price in Clayhole is $15,000, which significantly influences the tax bill. Local tax authorities determine the assessed value and apply the relevant tax rate to calculate the annual property tax bill. For homeowners in Clayhole, the 25th percentile tax bill is around $55, while the 75th percentile tax bill is approximately $226, and the 90th percentile tax bill reaches up to $517. These figures illustrate the range of property tax burdens that residents might face. The highest and lowest median tax bills in the area both stand at $110 in the 41317 zip code. Compared to the national median property tax rate of 0.99%, Clayhole's property tax rates are relatively low, offering some relief to homeowners. However, the actual tax burden can vary significantly depending on the specific assessed value of each property and the local tax rate applied.
Average Clayhole Tax Bill
$110
Average Breathitt County Tax Bill
$188
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clayhole, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41317 | $14 | $55 | $110 | $226 | $517 |
Source: Ownwell