Ermine, Kentucky Property Taxes
The median property tax rate in Ermine, KY is 1.46%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ermine at $29,000, the typical annual property tax bill amounts to $291, which is well below the national median of $2,690. Property taxes in Ermine are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Ermine'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 Ermine or another part of Letcher County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ermine, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$423
Ownwell’s Ermine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ermine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ermine 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 Ermine, Kentucky
Property taxes in Ermine, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ermine is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Ermine set these rates annually, and they can vary across different neighborhoods. Each year, Ermine 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 Ermine's effective property tax rate to other areas in Letcher County and the national median. For comparison, the 41815 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these areas compare with Ermine provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Ermine Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ermine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41815 | 0.28% | 0.94% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Ermine, Kentucky
In Ermine, 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 Letcher 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 Ermine, 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 Ermine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41815, with a tax bill of $291.00, while the lowest is also 41815, with the same tax bill value.
Average Ermine Assessed Value
$29,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ermine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41815 | $2,500 | $8,500 | $29,000 | $50,000 | $75,000 |
Source: Ownwell
Property Tax Bills Across Ermine, Kentucky
In Ermine, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Ermine is $29,000, and property taxes are a crucial financial consideration for homeowners. The tax bill is influenced by various factors, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Ermine is $58, while the 75th percentile tax bill is $510, and the 90th percentile tax bill reaches $1,084. These variations highlight how different property values and local tax rates can significantly impact the amount homeowners owe. Compared to the national median property tax rate of 0.99%, Ermine's property taxes can be relatively low, making it an attractive option for homeowners seeking affordability. However, understanding how these taxes are calculated and their potential impact is essential for effective financial planning and property management.
Average Ermine Tax Bill
$291
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ermine, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41815 | $29 | $58 | $291 | $510 | $1,084 |
Source: Ownwell