Coalgood, Kentucky Property Taxes
The median property tax rate in Coalgood, Kentucky 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 Coalgood at $39,100, the typical annual property tax bill reaches $486, which is lower than the national median of $2,690. Property taxes in Coalgood 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 Coalgood'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 Coalgood or another part of Harlan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coalgood, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$528
Ownwell’s Coalgood Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Coalgood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coalgood to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more detailed insights, localized information is available further down the page. Your property’s assessed value is determined by Harlan County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Coalgood, Kentucky
Property taxes in Coalgood, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coalgood is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Coalgood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coalgood 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 Coalgood's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40818 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with Coalgood 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 Coalgood 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 Coalgood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40818 | 0.62% | 1.27% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Coalgood, Kentucky
In Coalgood, 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 Coalgood, 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 Coalgood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Harlan County is $486 in the 40818 zip code, while the lowest is the same at $486.
Average Coalgood Assessed Value
$39,100
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 Coalgood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40818 | $10,000 | $26,888 | $39,100 | $54,375 | $95,820 |
Source: Ownwell
Property Tax Bills Across Coalgood, Kentucky
In Coalgood, property tax bills are calculated based on the assessed value of the property, which in this region is relatively modest compared to national standards. The median home price in Coalgood is $39,100. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, the 25th percentile tax bill is $320, while the 75th percentile reaches $714, and the 90th percentile can be as high as $1,246. Several factors influence these tax bills, including property size, improvements, and location within Harlan County. Homeowners in Coalgood benefit from lower property tax rates compared to the national median rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means that local services funded by these taxes might have fewer resources. Understanding these dynamics is crucial for homeowners when planning their finances and considering property investments in Coalgood.
Average Coalgood Tax Bill
$486
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Coalgood, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40818 | $87 | $320 | $486 | $714 | $1,246 |
Source: Ownwell