Jenkins, Kentucky Property Taxes
The median property tax rate in Jenkins, KY is 1.24%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Jenkins, the typical annual property tax bill reaches $62, which is significantly lower than the national median of $2,690. Property taxes in Jenkins 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 Jenkins'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 Jenkins 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
Jenkins, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$62
Ownwell’s Jenkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jenkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jenkins 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 Jenkins, Kentucky
Property taxes in Jenkins, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jenkins is 0.64%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Jenkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jenkins 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 Jenkins' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41537 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Jenkins 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 Jenkins Tax Rate
1.24%
Average Morgan County Tax Rate
1.24%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jenkins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41537 | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Jenkins, Kentucky
In Jenkins, 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 Property Valuation Administrator 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 Jenkins, 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 Jenkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jenkins Assessed Value
$5,000
Average Morgan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jenkins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41537 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 |
Source: Ownwell
Property Tax Bills Across Jenkins, Kentucky
Property tax bills in Jenkins, located in Morgan County, KY, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. For Jenkins, the median home price is $5,000. Given the data, homeowners in the 25th, 75th, and 90th percentiles all face a tax bill of $62 annually, indicating a relatively uniform tax burden across different property values. Several factors contribute to the calculation of property tax bills, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. This tax burden can influence homeowners' financial planning and the overall affordability of homeownership in the area. Comparing this to the national median property tax rate of 0.99%, Jenkins residents experience a significantly lower property tax rate, which can be an attractive factor for potential homeowners considering moving to the area.
Average Jenkins Tax Bill
$62
Average Morgan County Tax Bill
$263
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jenkins, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41537 | $62 | $62 | $62 | $62 | $62 |
Source: Ownwell