Barbourville, Kentucky Property Taxes
The median property tax rate in Barbourville, KY is 0.75%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Barbourville, the typical annual property tax bill reaches $89, significantly below the national median of $2,690. Property taxes in Barbourville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Barbourville'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 Barbourville 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
Barbourville, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$90
Ownwell’s Barbourville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Barbourville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Barbourville 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 Whitley County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Barbourville, Kentucky
Property taxes in Barbourville, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Barbourville is 0.75%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Barbourville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Barbourville 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 Barbourville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40906 zip code has the highest median property tax rate of 0.75%, while the 40906 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Barbourville provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Barbourville Tax Rate
0.75%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Barbourville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Barbourville, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Barbourville, Kentucky. 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 Whitley 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 Barbourville, 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. The median home price in Barbourville is $12,000, with the 25th percentile tax bill at $26 and the 75th percentile tax bill at $273. The highest tax bills, at the 90th percentile, reach up to $615. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Barbourville Assessed Value
$12,000
Average Whitley County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Barbourville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | $1,500 | $2,950 | $12,000 | $36,200 | $92,436 |
Source: Ownwell
Property Tax Bills Across Barbourville, Kentucky
In Barbourville, located in Whitley County, KY, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by local assessors who evaluate the property's market value. Homeowners in Barbourville experience a range of property tax bills. At the 25th percentile, the tax bill is around $26, while at the 75th percentile, it reaches approximately $273. For those at the higher end, the 90th percentile tax bill can be as high as $615. These figures illustrate the variability in tax obligations depending on a property's assessed value. Compared to the national median property tax rate of 0.99%, Barbourville's property taxes can be relatively modest. However, the impact on homeowners can still be significant, especially for those with higher-valued properties. Understanding these factors helps homeowners anticipate their annual tax responsibilities and manage their finances accordingly. The assessed value and corresponding tax rate directly influence the amount homeowners must pay, affecting their overall financial planning and property investment decisions.
Average Barbourville Tax Bill
$89
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Barbourville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40906 | $15 | $26 | $89 | $273 | $615 |
Source: Ownwell