Totz, Kentucky Property Taxes
The median property tax rate in TOTZ, KY is 1.35%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $36,900 in TOTZ, the typical annual property tax bill reaches $429, which is below the national median of $2,690. Property taxes in TOTZ are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding TOTZ'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 TOTZ 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
Totz, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s TOTZ Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TOTZ with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TOTZ 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 Totz, Kentucky
Property taxes in TOTZ, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in TOTZ is 1.35%, which is significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within TOTZ set these rates annually, and they can vary significantly across different neighborhoods. Each year, TOTZ 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 TOTZ's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40870 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 TOTZ 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 Totz 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 Totz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40870 | 0.54% | 1.09% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Totz, Kentucky
In TOTZ, 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. 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 TOTZ helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40870 has the highest and lowest median tax bill at $429.00.
Average Totz Assessed Value
$36,900
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 Totz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40870 | $8,000 | $20,000 | $36,900 | $67,500 | $99,600 |
Source: Ownwell
Property Tax Bills Across Totz, Kentucky
In TOTZ, Harlan County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For instance, with a median home price of $36,900, homeowners can expect varying tax bills depending on their property's assessed value and applicable tax rates. The tax bill at the 25th percentile is around $162, while at the 75th percentile, it rises to approximately $857. At the 90th percentile, homeowners might see tax bills as high as $1,269. Compared to the national median property tax rate of 0.99%, TOTZ's tax obligations can appear relatively modest, reflecting the lower property values in the area. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners need to understand these factors to manage their financial planning effectively, as property taxes represent a significant, recurring expense.
Average Totz Tax Bill
$429
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Totz, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40870 | $74 | $162 | $429 | $857 | $1,269 |
Source: Ownwell