Bledsoe, Kentucky Property Taxes
The median property tax rate in Bledsoe, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bledsoe at $31,500, the typical annual property tax bill reaches $338, which is significantly lower than the national median of $2,690. Property taxes in Bledsoe are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bledsoe'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 Bledsoe 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
Bledsoe, 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 Bledsoe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bledsoe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bledsoe 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 Bledsoe, Kentucky
Property taxes in Bledsoe, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bledsoe is 0.68%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Bledsoe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bledsoe 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 Bledsoe's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40810 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Bledsoe 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 Bledsoe Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bledsoe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40810 | 0.36% | 0.87% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Bledsoe, Kentucky
In Bledsoe, 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 Bledsoe, 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 Bledsoe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40810 has the highest and lowest median tax bill at $338.
Average Bledsoe Assessed Value
$31,500
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 Bledsoe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40810 | $7,300 | $17,000 | $31,500 | $51,500 | $78,000 |
Source: Ownwell
Property Tax Bills Across Bledsoe, Kentucky
In Bledsoe, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects a percentage of the market value of the property. Homeowners in Bledsoe, located in Harlan County, pay property taxes that can vary significantly. For instance, the tax bill at the 25th percentile is around $155, while at the 75th percentile, it reaches approximately $601. At the higher end, the 90th percentile tax bill can be as much as $1,012. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Bledsoe is $31,500, which is considerably lower than the national median. This lower home value results in relatively modest property tax bills compared to other regions. However, even within Bledsoe, the highest median tax bill recorded is $338, indicating some variability within the area. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Bledsoe Tax Bill
$338
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bledsoe, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40810 | $68 | $155 | $338 | $601 | $1,012 |
Source: Ownwell