Smith, Kentucky Property Taxes
The median property tax rate in Smith, KY is 1.35%, significantly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Smith at $20,000, the typical annual property tax bill is $202, which is far below the national median of $2,690. Property taxes in Smith are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Smith's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Smith 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
Smith, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$270
Ownwell’s Smith Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Smith with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smith 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 Smith, Kentucky
Property taxes in Smith, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smith is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Smith set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smith 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 Smith's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40831 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 areas compare with Smith 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 Smith 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 Smith, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40831 | 0.31% | 0.52% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Smith, Kentucky
In Smith, 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 Smith, 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. Smith’s median home price is $20,000, with tax bills ranging from $81 at the 25th percentile to $675 at the 90th percentile. 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 Smith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smith Assessed Value
$20,000
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 Smith, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40831 | $3,250 | $7,100 | $20,000 | $48,000 | $75,140 |
Source: Ownwell
Property Tax Bills Across Smith, Kentucky
In SMITH, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. For example, with a median home price of $20,000, the property tax rate is applied to determine the annual tax bill. Factors such as location, property size, and market conditions influence the assessed value. The tax bill can vary significantly, with the 25th percentile at $81 and the 75th percentile at $270, reflecting the range of property values and tax rates within the area. For those in the 90th percentile, tax bills can reach up to $675. This variation impacts homeowners differently; lower-valued properties result in more manageable tax bills, while higher-valued properties incur higher costs. Compared to the national median property tax rate of 0.99%, SMITH's property tax rates highlight regional differences, affecting how much homeowners need to budget annually for their taxes.
Average Smith Tax Bill
$202
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Smith, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40831 | $29 | $81 | $202 | $270 | $675 |
Source: Ownwell