Pathfork, Kentucky Property Taxes
The median property tax rate in Pathfork, 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 Pathfork, the typical annual property tax bill reaches $331, which is significantly lower than the national median of $2,690. Property taxes in Pathfork 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 Pathfork'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 Pathfork 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
Pathfork, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$455
Ownwell’s Pathfork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pathfork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pathfork 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 Pathfork, Kentucky
Property taxes in Pathfork, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pathfork is 1.35%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Pathfork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pathfork 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 Pathfork's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40863 zip code has the highest median property tax rate of 1.35%, while it also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Pathfork 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 Pathfork 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 Pathfork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40863 | 0.42% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Pathfork, Kentucky
In Pathfork, 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 local 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 Pathfork, 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 Pathfork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 40863 has the highest and lowest median tax bill at $331, highlighting the variability within the area.
Average Pathfork Assessed Value
$33,700
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 Pathfork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40863 | $7,000 | $19,250 | $33,700 | $46,000 | $68,060 |
Source: Ownwell
Property Tax Bills Across Pathfork, Kentucky
In Pathfork, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Pathfork is $33,700, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the final tax amount. Homeowners in Pathfork can expect tax bills to vary significantly. For instance, the 25th percentile tax bill is around $150, while the 75th percentile reaches approximately $570. At the 90th percentile, tax bills can go as high as $810. Comparatively, the median tax bill in Pathfork, found in zip code 40863, stands at $331. This is considerably lower than the national median property tax rate of 0.99%. For homeowners, these property taxes fund essential local services such as schools, public safety, and infrastructure, directly affecting the community's quality of life. Lower tax bills can make homeownership more affordable, but they also reflect the local government's budget and service levels.
Average Pathfork Tax Bill
$331
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pathfork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40863 | $68 | $150 | $331 | $570 | $810 |
Source: Ownwell