Guston, Kentucky Property Taxes
The median property tax rate in Guston, KY is 1.17%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $109,100 in Guston, the typical annual property tax bill is $1,118, which is below the national median of $2,690. Property taxes in Guston are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Guston'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 Guston or another part of Meade County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Guston, 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 Guston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guston 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 Guston, Kentucky
Property taxes in Guston, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Guston is 1.17%, significantly higher than the U.S. national median of 0.99%. Local government entities within Guston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guston 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 Guston's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40142 zip code has the highest median property tax rate of 1.17%, while the 40142 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Guston provides valuable insights into the varying tax landscape across Meade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guston Tax Rate
1.17%
Average Meade County Tax Rate
1.16%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40142 | 0.62% | 0.91% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Guston, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Guston, 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 relevant county authorities 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 Guston, 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 Guston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Guston is $1,118, found in the zip code 40142, which is also the lowest median tax bill in the area.
Average Guston Assessed Value
$109,100
Average Meade County Assessed Value
$122,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Guston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40142 | $23,200 | $59,900 | $109,100 | $168,000 | $240,000 |
Source: Ownwell
Property Tax Bills Across Guston, Kentucky
In Guston, located in Meade County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate the property’s market value. The tax rate is then applied to this assessed value to calculate the tax bill. For homeowners in Guston, the median home price is $109,100, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $517, while at the 75th percentile, it reaches $1,841. At the 90th percentile, it can be as high as $2,683. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services. Homeowners in Guston should be aware of how their property’s assessed value and the local tax rate impact their annual tax bill. Compared to the national median property tax rate of 0.99%, Guston’s rates reflect local economic conditions and funding needs, influencing the overall cost of homeownership.
Average Guston Tax Bill
$1,118
Average Meade County Tax Bill
$1,267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Guston, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40142 | $226 | $517 | $1,118 | $1,841 | $2,683 |
Source: Ownwell