Premium, Kentucky Property Taxes
The median property tax rate in PREMIUM, 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 PREMIUM, the typical annual property tax bill reaches $109, which is significantly lower than the national median of $2,690. Property taxes in PREMIUM 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 PREMIUM'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 PREMIUM 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
Premium, 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 PREMIUM Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PREMIUM with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PREMIUM 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 Premium, Kentucky
Property taxes in PREMIUM, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in PREMIUM is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within PREMIUM set these rates annually, and they can vary significantly across different neighborhoods. Each year, PREMIUM 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 PREMIUM's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41845 zip code has both the highest and lowest median property tax rate of 1.46%. Understanding how these cities compare with PREMIUM 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 Premium 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 Premium, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41845 | 0.36% | 0.87% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Premium, Kentucky
In PREMIUM, 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 PREMIUM, 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 PREMIUM helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41845 has the highest median tax bill at $109, while also having the lowest at $109, highlighting the uniformity in tax assessments within the area.
Average Premium Assessed Value
$15,000
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 Premium, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41845 | $1,500 | $4,000 | $15,000 | $38,000 | $71,600 |
Source: Ownwell
Property Tax Bills Across Premium, Kentucky
In PREMIUM, located in Letcher County, KY, property tax bills are calculated based on the assessed value of the property. The local government assesses properties to determine their value, which is then multiplied by the local tax rate to calculate the tax bill. Various factors such as the property's size, location, and market conditions influence the assessed value. For homeowners in PREMIUM, understanding their property tax bill is crucial. The median home price in the area is $15,000, and tax bills can vary significantly. For instance, tax bills at the 25th percentile are $29, while those at the 75th percentile reach $436. At the 90th percentile, homeowners can expect to pay around $786. The highest and lowest median tax bills are both $109, found in the zip code 41845. Comparing this to the national median property tax rate of 0.99%, homeowners in PREMIUM can see how their local rates and assessed values impact their annual tax obligations, affecting their overall financial planning and property affordability.
Average Premium Tax Bill
$109
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Premium, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41845 | $17 | $29 | $109 | $436 | $786 |
Source: Ownwell