Holmes Mill, Kentucky Property Taxes
The median property tax rate in HOLMES MILL, 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 HOLMES MILL at $24,700, the typical annual property tax bill reaches $232, which is significantly below the national median of $2,690. Property taxes in HOLMES MILL 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 HOLMES MILL'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 HOLMES MILL 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
Holmes Mill, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$333
Ownwell’s Holmes Mill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holmes Mill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holmes Mill 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 Holmes Mill, Kentucky
Property taxes in Holmes Mill, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holmes Mill is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Holmes Mill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holmes Mill 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 Holmes Mill's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40843 has both the highest and lowest median property tax rate of 1.35%. Understanding how these areas compare with Holmes Mill 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 Holmes Mill 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 Holmes Mill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40843 | 0.23% | 0.71% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Holmes Mill, Kentucky
In Holmes Mill, 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 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 Holmes Mill, 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 Holmes Mill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40843 has both the highest and lowest median tax bill at $232.
Average Holmes Mill Assessed Value
$24,700
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 Holmes Mill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40843 | $8,050 | $17,225 | $24,700 | $43,062 | $73,500 |
Source: Ownwell
Property Tax Bills Across Holmes Mill, Kentucky
In Holmes Mill, Harlan County, KY, 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 typically a percentage of the market value of the home, which in Holmes Mill has a median home price of $24,700. Once the assessed value is established, the local tax rate is applied to this value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For example, the tax bill at the 25th percentile is $115, while at the 75th percentile, it rises to $472. At the 90th percentile, homeowners can expect to pay around $813. These figures illustrate the range of property tax burdens within the community. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual expenses. Comparatively, Holmes Mill's property tax rates are relatively low, especially when contrasted with the national median property tax rate of 0.99%.
Average Holmes Mill Tax Bill
$232
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Holmes Mill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40843 | $61 | $115 | $232 | $472 | $813 |
Source: Ownwell