Elk Horn, Kentucky Property Taxes
The median property tax rate in Elk Horn, KY is 1.02%, aligning with the state median but slightly higher than the national median of 0.99%. With a median home value of $69,000, the typical annual property tax bill in Elk Horn is $566, which is significantly lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, including primary residence and agricultural exemptions. Navigating Elk Horn's property tax system, understanding the available exemptions, and identifying potential reductions can lead to meaningful annual savings. Whether you're residing in Elk Horn or investing in property, gaining insight into the local property tax structure will be beneficial.
Last Updated June 14, 2024
Elk Horn, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$704
Ownwell’s ELK HORN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELK HORN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELK HORN 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 Elk Horn, Kentucky
Property taxes in Elk Horn, Kentucky, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Elk Horn is 1.02%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Elk Horn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Horn 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 Elk Horn's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42733 has both the highest and lowest median property tax rate of 1.02%. Understanding how these cities compare with Elk Horn provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Horn Tax Rate
1.02%
Average Taylor County Tax Rate
1.02%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Horn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42733 | 0.40% | 0.74% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Elk Horn, Kentucky
In Elk Horn, 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 Taylor 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 Elk Horn, 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 Elk Horn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 42733 has the highest and lowest median tax bill, both at $566.
Average Elk Horn Assessed Value
$69,000
Average Taylor County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Horn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42733 | $13,447 | $30,000 | $69,000 | $112,000 | $152,607 |
Source: Ownwell
Property Tax Bills Across Elk Horn, Kentucky
In Elk Horn, Kentucky, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For a median home price of $69,000, the property tax rate is applied to this value to determine the annual tax bill. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Homeowners in Elk Horn can expect their tax bills to vary significantly; the 25th percentile tax bill is $248, while the 75th percentile reaches $998, and the 90th percentile can go up to $1,524. The median tax bill in the area, which is $566, is relatively low compared to the national median property tax rate of 0.99%. This means that, on average, Elk Horn residents pay less in property taxes than homeowners in many other parts of the country. Lower property tax bills can make homeownership more affordable, but it's important for homeowners to budget for these costs annually.
Average Elk Horn Tax Bill
$566
Average Taylor County Tax Bill
$681
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Horn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42733 | $102 | $248 | $566 | $998 | $1,524 |
Source: Ownwell