Dayhoit, Kentucky Property Taxes
The median property tax rate in DAYHOIT, 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 DAYHOIT at $22,000, the typical annual property tax bill reaches $216, which is well below the national median of $2,690. Property taxes in DAYHOIT 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 DAYHOIT'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 DAYHOIT 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
Dayhoit, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$297
Ownwell’s DAYHOIT Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in DAYHOIT with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in DAYHOIT to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities. For those interested in more granular data, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Dayhoit, Kentucky
Property taxes in DAYHOIT, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in DAYHOIT is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within DAYHOIT set these rates annually, and they can vary significantly across different neighborhoods. Each year, DAYHOIT 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 DAYHOIT's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40824 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with DAYHOIT 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 Dayhoit 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 Dayhoit, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40824 | 1.01% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Dayhoit, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in DAYHOIT, Kentucky. 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 DAYHOIT, 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 DAYHOIT is $22,000. The lowest median tax bill is $216.00 in zip code 40824, which also has the highest median tax bill of $216.00. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Dayhoit Assessed Value
$22,000
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 Dayhoit, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40824 | $3,482 | $8,000 | $22,000 | $39,300 | $68,200 |
Source: Ownwell
Property Tax Bills Across Dayhoit, Kentucky
In DAYHOIT, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $22,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. In DAYHOIT, the tax bill at the 25th percentile is around $101, while at the 75th percentile, it rises to approximately $506. At the 90th percentile, homeowners might see tax bills as high as $910. Compared to the national median property tax rate of 0.99%, DAYHOIT's property taxes reflect the region's economic landscape and housing market. These property taxes significantly impact homeowners, influencing their overall cost of living and financial planning. The highest and lowest median tax bills in the area both stand at $216, indicating a level of consistency in tax assessments.
Average Dayhoit Tax Bill
$216
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Dayhoit, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40824 | $38 | $101 | $216 | $506 | $910 |
Source: Ownwell