Clearfield, Kentucky Property Taxes
The median property tax rate in Clearfield, KY is 0.85%, 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 $48,135 in Clearfield, the typical annual property tax bill amounts to $323, significantly less than the national median of $2,690. Property taxes in Clearfield are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Clearfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Clearfield or another part of Rowan County, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clearfield, 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 Clearfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clearfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clearfield 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 Clearfield, Kentucky
Property taxes in Clearfield, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clearfield is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Clearfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clearfield 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 Clearfield's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40313 zip code has the highest median property tax rate of 0.85%, while the lowest median tax rate is also 0.85% in the same zip code. Understanding how these areas compare with Clearfield provides valuable insights into the varying tax landscape across Rowan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clearfield Tax Rate
0.85%
Average Rowan County Tax Rate
0.85%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clearfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40313 | 0.38% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Clearfield, Kentucky
In Clearfield, 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 local 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 Clearfield, 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 Clearfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $323.00 in the 40313 zip code, while the lowest median tax bill is also $323.00 in the same zip code.
Average Clearfield Assessed Value
$48,135
Average Rowan County Assessed Value
$78,960
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clearfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40313 | $4,750 | $10,000 | $48,135 | $94,360 | $153,460 |
Source: Ownwell
Property Tax Bills Across Clearfield, Kentucky
In Clearfield, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Clearfield is $48,135. Homeowners can expect their tax bills to vary widely depending on the specific assessed value of their property. For instance, the 25th percentile tax bill is $77, while the 75th percentile tax bill is $674. At the higher end, the 90th percentile tax bill can reach up to $1,150. The property tax rate in Clearfield is influenced by various factors, including local government budgets and public service funding needs. These taxes directly impact homeowners by contributing to essential services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Clearfield’s rates reflect a localized approach to funding community needs. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Clearfield Tax Bill
$323
Average Rowan County Tax Bill
$554
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clearfield, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40313 | $37 | $77 | $323 | $674 | $1,150 |
Source: Ownwell