Roark, Kentucky Property Taxes
The median property tax rate in Roark, KY is 1.40%, significantly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $30,500 in Roark, the typical annual property tax bill amounts to $261, which is below the national median of $2,690. Property taxes in Roark are determined based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Roark's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Roark or another part of Leslie County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Roark, 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 Roark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Roark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Roark 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 Roark, Kentucky
Property taxes in Roark, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Roark is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Roark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Roark 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 Roark's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40979 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Roark provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Roark Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Roark, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40979 | 0.24% | 0.95% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Roark, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Roark, Kentucky. 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 Leslie 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 Roark, 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 Roark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Roark is $261.00 in the 40979 zip code, while the lowest median tax bill is also $261.00 in the same zip code.
Average Roark Assessed Value
$30,500
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Roark, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40979 | $1,300 | $8,500 | $30,500 | $52,350 | $85,800 |
Source: Ownwell
Property Tax Bills Across Roark, Kentucky
In Roark, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $30,500. Property taxes are determined by multiplying the assessed value by the local tax rate. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in Roark see a wide range in their tax bills. At the 25th percentile, the tax bill is $96, while at the 75th percentile, it jumps to $560. Those at the 90th percentile can expect to pay as much as $1,151. The highest and lowest median tax bills in the area both stand at $261, specifically in the 40979 zip code, highlighting some consistency in specific locales. Compared to the national median property tax rate of 0.99%, Roark's tax bills can be significantly lower, offering some financial relief to homeowners. However, the variability in tax bills means that homeowners need to be mindful of how changes in property value and local tax rates could impact their annual expenses.
Average Roark Tax Bill
$261
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Roark, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40979 | $63 | $96 | $261 | $560 | $1,151 |
Source: Ownwell