Jenkins, Kentucky Property Taxes
The median property tax rate in Jenkins, KY is 1.60%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Jenkins at $19,000, the typical annual property tax bill reaches $208, which is significantly lower than the national median of $2,690. Property taxes in Jenkins 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 Jenkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jenkins 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
Jenkins, 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 Jenkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jenkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jenkins 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 Jenkins, Kentucky
Property taxes in Jenkins, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jenkins is 1.60%, significantly higher than the U.S. national median of 0.99%. Local government entities within Jenkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jenkins 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 Jenkins's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41537 has the same median property tax rate of 1.60%, reflecting a consistent tax landscape within the region. Understanding how these areas compare with Jenkins 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 areas.
Average Jenkins Tax Rate
1.60%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jenkins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41537 | 0.62% | 1.46% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Jenkins, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Jenkins, KY. 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 Jenkins, 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 Jenkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jenkins is $208 in ZIP code 41537, while the lowest median tax bill is also $208 in the same ZIP code.
Average Jenkins Assessed Value
$19,000
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 Jenkins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41537 | $2,000 | $5,500 | $19,000 | $40,000 | $73,550 |
Source: Ownwell
Property Tax Bills Across Jenkins, Kentucky
In Jenkins, located in Letcher County, KY, property tax bills are determined based on the assessed value of a home rather than its market value. The median home price in Jenkins is $19,000, and the property tax rate is applied to this assessed value to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Jenkins can expect a wide range of tax bills. For example, the 25th percentile tax bill is $80, while the 75th percentile tax bill reaches $495. At the higher end, the 90th percentile tax bill is $1,071. The highest median tax bill in the area is $208, which is consistent across the zip code 41537. These property tax bills can significantly impact homeowners, making it essential for them to understand how their assessments are determined and to explore potential exemptions or appeals to manage their tax obligations effectively. Compared to the national median property tax rate of 0.99%, Jenkins offers relatively manageable property tax bills, providing some financial relief to its residents.
Average Jenkins Tax Bill
$208
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jenkins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41537 | $32 | $80 | $208 | $495 | $1,071 |
Source: Ownwell