Flat Lick, Kentucky Property Taxes
The median property tax rate in Flat Lick, KY is 1.16%, which is notably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Flat Lick, the typical annual property tax bill amounts to $218, significantly lower than the national median of $2,690. Property taxes in Flat Lick are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Flat Lick'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 Flat Lick or another part of Knox County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flat Lick, 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 Flat Lick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flat Lick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flat Lick 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 Flat Lick, Kentucky
Property taxes in Flat Lick, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Flat Lick is 0.74%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Flat Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Lick 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 Flat Lick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40935 zip code has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Flat Lick provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Lick Tax Rate
1.16%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40935 | 1.07% | 1.09% | 1.16% | 1.38% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Flat Lick, Kentucky
In Flat Lick, 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 Knox 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 Flat Lick, 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 Flat Lick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40935 has the highest and lowest median tax bill at $218.00, illustrating the variability in property tax obligations within the area.
Average Flat Lick Assessed Value
$20,000
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40935 | $3,000 | $7,200 | $20,000 | $47,000 | $90,825 |
Source: Ownwell
Property Tax Bills Across Flat Lick, Kentucky
In Flat Lick, property tax bills are calculated based on the assessed value of a property, which is determined by the Knox County assessor. The assessed value is a percentage of the property's market value, which is influenced by factors such as location, property size, and any improvements made. Homeowners in Flat Lick can expect a median home price of $20,000. The tax rate in Flat Lick is relatively low compared to the national median property tax rate of 0.99%. For instance, the tax bill for the 25th percentile is $86, while those in the 75th percentile pay around $540. At the higher end, the 90th percentile tax bill reaches $1,013. The highest median tax bill in the area is $218, which is consistent across the zip code 40935. These tax bills directly impact homeowners by influencing their annual expenses and the affordability of their homes. Lower tax rates can make homeownership more accessible, whereas higher rates can add a significant financial burden.
Average Flat Lick Tax Bill
$218
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40935 | $35 | $86 | $218 | $540 | $1,013 |
Source: Ownwell