Corinth, Kentucky Property Taxes
The median property tax rate in Corinth, KY is 1.17%, which is considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Corinth, the typical annual property tax bill reaches $685, which is below the national median of $2,690. Property taxes in Corinth 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 Corinth'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 Corinth 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
Corinth, 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 Corinth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinth 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 Corinth, Kentucky
Property taxes in Corinth, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corinth is 1.17%, higher than the U.S. national median of 0.99%. Local government entities within Corinth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corinth 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 Corinth's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41010 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Corinth provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinth Tax Rate
1.17%
Average Grant County Tax Rate
1.12%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41010 | 0.53% | 1.06% | 1.17% | 1.37% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Corinth, Kentucky
In Corinth, 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 Grant 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 Corinth, 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 Corinth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41010, with a median tax bill of $685.
Average Corinth Assessed Value
$67,200
Average Grant County Assessed Value
$114,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41010 | $10,000 | $34,000 | $67,200 | $109,900 | $160,900 |
Source: Ownwell
Property Tax Bills Across Corinth, Kentucky
In Corinth, Grant County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $67,200, the tax bill can range significantly. Homeowners at the 25th percentile can expect a tax bill around $309, while those at the 75th percentile might see a bill of approximately $1,148. At the 90th percentile, the tax bill can reach up to $1,726. Factors influencing these variations include the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Corinth's tax bills reflect the local economic conditions and property values. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life.
Average Corinth Tax Bill
$685
Average Grant County Tax Bill
$1,162
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41010 | $139 | $309 | $685 | $1,148 | $1,726 |
Source: Ownwell