Whitley City, Kentucky Property Taxes
The median property tax rate in Whitley City, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $40,000 in Whitley City, the typical annual property tax bill amounts to $253, significantly less than the national median of $2,690. Property taxes in Whitley City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Whitley City'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 Whitley City or another part of McCreary County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Whitley City, 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 Whitley City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whitley City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whitley City 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 Whitley City, Kentucky
Property taxes in Whitley City, Kentucky, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Whitley City is 0.82%, which is below the U.S. national median of 0.99%. Local government entities within Whitley City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whitley City 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 Whitley City's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42653 has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these figures compare with Whitley City provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Whitley City Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whitley City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42653 | 0.28% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Whitley City, Kentucky
In Whitley City, 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 McCreary 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 Whitley City, 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 Whitley City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 42653, both at $253, which is significantly lower than the national median property tax rate of 0.99%.
Average Whitley City Assessed Value
$40,000
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Whitley City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42653 | $2,500 | $10,000 | $40,000 | $75,000 | $120,000 |
Source: Ownwell
Property Tax Bills Across Whitley City, Kentucky
In Whitley City, located in McCreary County, KY, property tax bills are determined based on the assessed value of a home. The median home price in the area is $40,000, which serves as a benchmark for calculating property taxes. Homeowners can expect their tax bill to vary significantly, depending on the assessed value and applicable tax rates. For instance, the tax bill at the 25th percentile is around $65, while at the 75th percentile, it rises to approximately $569. At the 90th percentile, homeowners might see a tax bill as high as $914. The highest median tax bill recorded in the area is $253, which is consistent across all zip codes within Whitley City. Compared to the national median property tax rate of 0.99%, the property tax rates in Whitley City can be considered relatively moderate. These tax bills impact homeowners by influencing their annual financial planning and the overall affordability of owning property in the region. Understanding these factors helps residents anticipate their property tax obligations more accurately.
Average Whitley City Tax Bill
$253
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Whitley City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42653 | $24 | $65 | $253 | $569 | $914 |
Source: Ownwell