Knifley, Kentucky Property Taxes
The median property tax rate in Knifley, KY is 1.15%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Knifley at $40,000, the typical annual property tax bill is $336, which is significantly lower than the national median of $2,690. Property taxes in Knifley 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 Knifley'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 Knifley or another part of Adair County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knifley, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$460
Ownwell’s Knifley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knifley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knifley 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 Knifley, Kentucky
Property taxes in Knifley, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knifley is 1.15%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Knifley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knifley 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 Knifley's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42753 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Knifley provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knifley Tax Rate
1.15%
Average Adair County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knifley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42753 | 0.31% | 0.67% | 1.15% | 1.24% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Knifley, Kentucky
In Knifley, 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 Adair 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 Knifley, 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 Knifley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Knifley is $336, with the highest and lowest median tax bills both recorded in the 42753 zip code.
Average Knifley Assessed Value
$40,000
Average Adair County Assessed Value
$50,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knifley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42753 | $3,000 | $15,000 | $40,000 | $84,750 | $162,200 |
Source: Ownwell
Property Tax Bills Across Knifley, Kentucky
In Knifley, Adair County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the property tax rate set by the local government. The median home price in Knifley is $40,000, with property tax bills varying significantly across different percentiles. Homeowners at the 25th percentile receive tax bills around $106, while those at the 75th percentile pay approximately $725. At the 90th percentile, tax bills can reach up to $1,202. Factors influencing these tax bills include the home's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Knifley's rates can be seen as relatively modest. For homeowners, these property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life and property values.
Average Knifley Tax Bill
$336
Average Adair County Tax Bill
$410
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Knifley, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42753 | $37 | $106 | $336 | $725 | $1,202 |
Source: Ownwell