Gray, Kentucky Property Taxes
The median property tax rate in Gray, KY is 1.16%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Gray at $29,000, the typical annual property tax bill reaches $304, which is significantly lower than the national median of $2,690. Property taxes in Gray 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 Gray'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 Gray or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gray, 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 GRAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GRAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GRAY 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 Gray, Kentucky
Property taxes in Gray, Kentucky, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Gray is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Gray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gray 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 Gray's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40734 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these areas compare with Gray 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 Gray 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 Gray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | 1.07% | 1.10% | 1.16% | 1.31% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Gray, Kentucky
In Gray, 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 Property Valuation Administrator 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 Gray, 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 Gray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 40734 has the highest and lowest median tax bills, both at $304.
Average Gray Assessed Value
$29,000
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 Gray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | $4,500 | $10,000 | $29,000 | $66,500 | $128,800 |
Source: Ownwell
Property Tax Bills Across Gray, Kentucky
In Gray, located in Knox County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Gray is $29,000, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as the property's size, location, and condition can influence its assessed value. For homeowners in Gray, the property tax bill varies significantly. At the 25th percentile, the tax bill is around $110, whereas at the 75th percentile, it rises to approximately $736. For those in the 90th percentile, the tax bill can reach up to $1,411. The highest median tax bill recorded in the area is $304, which is consistent across the zip code 40734. Compared to the national median property tax rate of 0.99%, Gray's property tax bills are relatively modest, reflecting the lower property values in the region. This can be advantageous for homeowners, offering them a more affordable cost of living.
Average Gray Tax Bill
$304
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | $52 | $110 | $304 | $736 | $1,411 |
Source: Ownwell