Knob Lick, Barren County, Kentucky Property Taxes
The median property tax rate in Knob Lick, KY is 1.02%, aligning with the state median but slightly above the national median of 0.99%. With a median home value of $51,500, the typical annual property tax bill in Knob Lick reaches $375, which is significantly lower than the national median of $2,690. Property taxes here are based on the assessed value, often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Knob Lick’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 Knob Lick or another part of Barren County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knob Lick, Barren County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$525
$487
Ownwell’s Knob Lick Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Knob Lick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knob Lick to provide an estimate of your property tax bill. This intuitive tool helps you grasp potential tax liabilities. For those curious about neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Knob Lick, Barren County, Kentucky
Property taxes in Knob Lick, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Knob Lick is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Knob Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knob Lick 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 Knob Lick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42154 zip code has the highest median property tax rate of 0.83%, while the same 42154 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Knob Lick provides valuable insights into the varying tax landscape across Barren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knob Lick Tax Rate
1.02%
Average Barren County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knob Lick, Barren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42154 | 0.20% | 0.37% | 1.01% | 1.18% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Knob Lick, Barren County, Kentucky
In Knob Lick, 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 Barren 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 Knob Lick, 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 Knob Lick 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 $375.00, found in zip code 42154.
Property Tax Assessment Values Across Knob Lick, Barren County, Kentucky
Source: Ownwell
$15,000
$74,750
$134,500
Average Knob Lick Assessed Value
$51,500
Average Barren County Assessed Value
$90,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knob Lick, Barren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42154 | $15,200 | $22,500 | $51,500 | $165,500 | $286,600 |
Source: Ownwell
Property Tax Bills Across Knob Lick, Barren County, Kentucky
In Knob Lick, located in Barren County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $51,500. Property taxes are determined by multiplying the assessed value by the local tax rate. For example, homeowners in the 25th percentile can expect a tax bill of around $204, whereas those in the 75th percentile might see bills as high as $804. The 90th percentile tax bill reaches up to $1,127, reflecting the variability in property values and tax burdens. Several factors influence these tax calculations, including the home's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, the property tax rates in Knob Lick can be considered relatively moderate. Understanding these factors is crucial for homeowners, as higher property taxes can impact monthly mortgage payments and overall affordability of homeownership.
Average Knob Lick Tax Bill
$375
Average Barren County Tax Bill
$755
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Knob Lick, Barren County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42154 | $75 | $204 | $375 | $804 | $1,127 |
Source: Ownwell