Paintsville, Kentucky Property Taxes
The median property tax rate in Paintsville, KY is 0.42%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Paintsville at $68,000, the typical annual property tax bill reaches $334, significantly below the national median of $2,690. Property taxes in Paintsville 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 Paintsville'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 Paintsville 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
Paintsville, 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 Paintsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paintsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paintsville 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 Paintsville, Kentucky
Property taxes in Paintsville, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Paintsville is 0.42%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Paintsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paintsville 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 Paintsville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41240 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Paintsville provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paintsville Tax Rate
0.42%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paintsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | 0.21% | 0.42% | 0.42% | 1.01% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Paintsville, Kentucky
In Paintsville, 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 Johnson 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 Paintsville, 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 Paintsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Paintsville is $68,000, with tax bills ranging from $150 at the 25th percentile to $1,229 at the 90th percentile. The zip code 41240 has both the highest and lowest median tax bill at $334.
Average Paintsville Assessed Value
$68,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paintsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | $13,000 | $35,000 | $68,000 | $116,250 | $170,000 |
Source: Ownwell
Property Tax Bills Across Paintsville, Kentucky
In Paintsville, Johnson County, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For a median home price of $68,000, the property tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $150, while those in the 75th percentile face a tax bill of approximately $678. The top 10% of homeowners may see bills as high as $1,229. These figures are influenced by factors such as property location, improvements made to the home, and local tax rates. The median property tax rate in Johnson County is notably lower than the national median of 0.99%. This affects homeowners by providing a relatively lower financial burden compared to other regions. Understanding these variables can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Paintsville Tax Bill
$334
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Paintsville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | $60 | $150 | $334 | $678 | $1,229 |
Source: Ownwell