Elkhorn City, Kentucky Property Taxes
The median property tax rate in Elkhorn City, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Elkhorn City, the typical annual property tax bill reaches $157, which is significantly lower than the national median of $2,690. Property taxes in Elkhorn City 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 Elkhorn City'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 Elkhorn City or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkhorn City, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$360
Ownwell’s Elkhorn City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkhorn City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkhorn 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 Elkhorn City, Kentucky
Property taxes in Elkhorn City, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkhorn City is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Elkhorn City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkhorn 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 Elkhorn City's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41522 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Elkhorn City provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkhorn City Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkhorn City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41522 | 0.15% | 0.33% | 1.37% | 1.52% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Elkhorn City, Kentucky
In Elkhorn 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 Pike 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 Elkhorn 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 Elkhorn City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $157, occurring in the 41522 zip code.
Average Elkhorn City Assessed Value
$26,300
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkhorn City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41522 | $2,000 | $7,750 | $26,300 | $49,900 | $77,000 |
Source: Ownwell
Property Tax Bills Across Elkhorn City, Kentucky
In Elkhorn City, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is typically lower than its market value. The median home price here is $26,300. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property location, improvements, and exemptions can influence the assessed value. For homeowners, this means that their tax bill can vary significantly. For instance, the 25th percentile tax bill is $48, while the 75th percentile reaches $535. Those at the 90th percentile might see tax bills as high as $1,090. The highest median tax bill recorded in the area is $157, which is significantly lower than the national median property tax rate of 0.99%. These variations affect homeowners' annual expenses, making it crucial to understand how local assessments and rates impact overall tax obligations.
Average Elkhorn City Tax Bill
$157
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkhorn City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41522 | $48 | $48 | $157 | $535 | $1,090 |
Source: Ownwell