Gays Creek, Kentucky Property Taxes
The median property tax rate in Gays Creek, KY is 1.04%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Gays Creek, the typical annual property tax bill is $52, significantly lower than the national median of $2,690. Property taxes in Gays Creek are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Gays Creek'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 Gays Creek or another part of Perry County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gays Creek, 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 Gays Creek Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Gays Creek with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Gays Creek to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by Perry County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Gays Creek, Kentucky
Property taxes in Gays Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gays Creek is 0.64%, lower than both the Kentucky state median of 0.72% and the U.S. national median of 0.99%. Local government entities within Gays Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gays Creek 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 Gays Creek's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41745 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 areas compare with Gays Creek provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gays Creek Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gays Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41745 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Gays Creek, Kentucky
In Gays Creek, 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 Perry 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. 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 Gays Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Perry County, the 25th percentile tax bill stands at $52, while the 75th percentile tax bill is $74. The 90th percentile tax bill can go as high as $405, reflecting the significant variance in property taxes within the county.
Average Gays Creek Assessed Value
$5,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gays Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41745 | $2,570 | $5,000 | $5,000 | $8,500 | $35,000 |
Source: Ownwell
Property Tax Bills Across Gays Creek, Kentucky
In Gays Creek, located in Perry 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. In this region, the median home price is notably low at $5,000, which directly influences the property tax bills. The property tax rate in Perry County is applied to this assessed value to determine the annual tax bill. For homeowners in Gays Creek, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $52, while at the 75th percentile, it rises to approximately $74. For properties at the higher end of the spectrum, the 90th percentile tax bill can reach up to $405. These variations depend on factors such as property size, location, and any improvements made. Compared to the national median property tax rate of 0.99%, homeowners in Gays Creek generally face lower tax bills, which can make homeownership more affordable in this region.
Average Gays Creek Tax Bill
$52
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gays Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41745 | $24 | $52 | $52 | $74 | $405 |
Source: Ownwell