Millstone, Kentucky Property Taxes
The median property tax rate in Millstone, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Millstone, the typical annual property tax bill reaches $146, which is significantly lower than the national median of $2,690. Property taxes in Millstone 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 Millstone'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 Millstone 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
Millstone, 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 Millstone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millstone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millstone 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 Millstone, Kentucky
Property taxes in Millstone, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Millstone is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Millstone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millstone 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 Millstone's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41838 has both the highest and lowest median property tax rate of 1.46%. Understanding how these areas compare with Millstone 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 Millstone 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 Millstone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41838 | 0.23% | 0.75% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Millstone, Kentucky
In Millstone, 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 Millstone, 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 Millstone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $146.00 in the 41838 zip code, while the lowest median tax bill is also $146.00 in the same zip code.
Average Millstone Assessed Value
$25,750
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 Millstone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41838 | $2,000 | $5,000 | $25,750 | $45,000 | $84,500 |
Source: Ownwell
Property Tax Bills Across Millstone, Kentucky
In Millstone, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. For homeowners in Millstone, the median home price is $25,750. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the tax bill at the 25th percentile is $44, while at the 75th percentile, it rises to $477. At the 90th percentile, homeowners could see a tax bill as high as $886. The highest median tax bill in the area is $146, found in the 41838 zip code. Compared to the national median property tax rate of 0.99%, Millstone's property tax bills are relatively modest, making it an attractive location for homeowners looking for lower tax obligations.
Average Millstone Tax Bill
$146
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Millstone, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41838 | $29 | $44 | $146 | $477 | $886 |
Source: Ownwell