Whick, Kentucky Property Taxes
The median property tax rate in Whick, 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 Whick at $27,000, the typical annual property tax bill reaches $293, which is significantly lower than the national median of $2,690. Property taxes in Whick 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 Whick'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 Whick 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
Whick, 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 Whick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whick 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 Whick, Kentucky
Property taxes in Whick, Kentucky, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Whick is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities in Whick set these rates annually, and they can vary across different neighborhoods. Each year, Whick 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. Understanding how Whick's effective property tax rate compares to other areas 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 regions.
Average Whick 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 Whick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41390 | 0.51% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Whick, Kentucky
In Whick, 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 Whick, 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. Whick's property tax bills vary significantly, with the highest median tax bill recorded at $293 in the 41390 zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Whick Assessed Value
$27,000
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 Whick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41390 | $3,000 | $5,000 | $27,000 | $45,000 | $78,276 |
Source: Ownwell
Property Tax Bills Across Whick, Kentucky
In Whick, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and is typically a percentage of the property's market value. Homeowners in Whick can expect their tax bills to vary significantly, with the 25th percentile tax bill at $69 and the 75th percentile reaching $515. For those at the 90th percentile, the tax bill can be as high as $959. These figures highlight the range of property taxes homeowners might encounter. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. The median home price in Whick is $27,000, which is considerably lower than national averages, impacting the overall tax burden. Compared to the national median property tax rate of 0.99%, Whick's property tax rates offer a relatively affordable scenario for homeowners. Understanding these factors can help residents budget more effectively and potentially seek appeals or exemptions to lower their tax liabilities.
Average Whick Tax Bill
$293
Average Breathitt County Tax Bill
$188
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Whick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41390 | $27 | $69 | $293 | $515 | $959 |
Source: Ownwell