Partridge, Kentucky Property Taxes
The median property tax rate in Partridge, 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 Partridge, the typical annual property tax bill reaches $267, which is below the national median of $2,690. Property taxes in Partridge 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 Partridge'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 Partridge 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
Partridge, 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 Partridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Partridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Partridge 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 Partridge, Kentucky
Property taxes in Partridge, Kentucky, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Partridge is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Partridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Partridge 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 Partridge's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40862 has both the highest and lowest median property tax rate of 1.46%. Understanding how these areas compare with Partridge 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 Partridge 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 Partridge, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40862 | 0.30% | 0.95% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Partridge, Kentucky
In Partridge, 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 local 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. Assessment notices in Partridge 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 Partridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40862 in Partridge has the highest and lowest median tax bill, both at $267.
Average Partridge Assessed Value
$30,000
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 Partridge, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40862 | $2,000 | $8,000 | $30,000 | $56,250 | $100,000 |
Source: Ownwell
Property Tax Bills Across Partridge, Kentucky
In Partridge, Kentucky, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $30,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $73, while the 75th percentile reaches $639, and the 90th percentile can be as high as $1,211. Several factors influence these tax bills, including property location, home improvements, and local tax rates. Homeowners in Partridge can compare these figures to the national median property tax rate of 0.99%. While the highest and lowest median tax bills in the area both stand at $267, it’s essential for residents to understand how local assessments and tax rates impact their financial obligations. By staying informed, homeowners can better anticipate their annual property tax expenses and plan accordingly.
Average Partridge Tax Bill
$267
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Partridge, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40862 | $16 | $73 | $267 | $639 | $1,211 |
Source: Ownwell