Benham, Kentucky Property Taxes
The median property tax rate in Benham, KY is 1.85%, significantly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $38,600 in Benham, the typical annual property tax bill amounts to $536, which is notably lower than the national median of $2,690. Property taxes in Benham are based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. By understanding Benham's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're located in the heart of Benham or another part of the city, gaining insight into the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Benham, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$714
Ownwell’s Benham Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating their annual property taxes in Benham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benham 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 Benham, Kentucky
Property taxes in Benham, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benham is 1.85%, significantly higher than the U.S. national median of 0.99%. Local government entities within Benham set these rates annually, and they can vary across different neighborhoods. Each year, Benham 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 Benham's effective property tax rate to other areas in Harlan County and the national median. For comparison, the zip code 40807 has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these figures compare with Benham provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benham Tax Rate
1.85%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benham, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40807 | 0.36% | 0.95% | 1.85% | 1.85% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Benham, Kentucky
In Benham, 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 Harlan 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 Benham, 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. The median home price in Benham is $38,600, with tax bills ranging from $301 at the 25th percentile to $1,195 at the 90th percentile. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $536, notably in the 40807 zip code.
Average Benham Assessed Value
$38,600
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benham, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40807 | $16,700 | $25,000 | $38,600 | $55,000 | $70,880 |
Source: Ownwell
Property Tax Bills Across Benham, Kentucky
In Benham, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Benham, the median home price is $38,600, with property tax bills varying significantly. The 25th percentile tax bill is $301, while the 75th percentile tax bill reaches $828, and the 90th percentile tax bill can go up to $1,195. These figures highlight the range of tax burdens homeowners might face. Compared to the national median property tax rate of 0.99%, Benham's property taxes can be seen as relatively manageable, though individual circumstances may vary. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. Homeowners should be aware of these factors as they can significantly impact their annual property tax obligations.
Average Benham Tax Bill
$536
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Benham, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40807 | $157 | $301 | $536 | $828 | $1,195 |
Source: Ownwell