Garrison, Carter County, Kentucky Property Taxes
The median property tax rate in Garrison, KY is 0.74%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Garrison at $79,500, the typical annual property tax bill is $330, well below the national median of $2,690. Property taxes in Garrison 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 Garrison'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 Garrison or another part of Carter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Garrison, Carter County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$588
$546
Ownwell’s Garrison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garrison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garrison 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 Garrison, Carter County, Kentucky
Property taxes in Garrison, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garrison is 0.74%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Garrison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garrison 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 Garrison's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41141 zip code has the highest median property tax rate of 0.74%, while the same 41141 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Garrison provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garrison Tax Rate
0.74%
Average Carter County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garrison, Carter County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41141 | 0.20% | 0.27% | 0.74% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Garrison, Carter County, Kentucky
In Garrison, 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 Carter 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 Garrison, 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 Garrison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Garrison is 41141, with a median tax bill of $330.00, while the lowest median tax bill is also found in zip code 41141, with the same value of $330.00.
Property Tax Assessment Values Across Garrison, Carter County, Kentucky
Source: Ownwell
$29,000
$54,250
$79,500
Average Garrison Assessed Value
$79,500
Average Carter County Assessed Value
$55,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garrison, Carter County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41141 | $7,000 | $33,000 | $79,500 | $100,000 | $145,000 |
Source: Ownwell
Property Tax Bills Across Garrison, Carter County, Kentucky
In Garrison, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor's office. The median home price in Garrison is $79,500, and the property tax rate in Carter County is applied to this assessed value to determine the tax bill. Several factors influence this calculation, including the property's location, size, and condition. Homeowners in Garrison typically see a wide range of property tax bills. For instance, the 25th percentile tax bill is $107, while the 75th percentile is $842, and the 90th percentile reaches $944. Compared to the national median property tax rate of 0.99%, Garrison's property tax bills are relatively low. This can be beneficial for homeowners, as it means lower annual expenses related to property ownership. However, it's important to stay informed about any changes in assessed values or tax rates, as these can directly impact the amount owed each year.
Average Garrison Tax Bill
$330
Average Carter County Tax Bill
$333
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Garrison, Carter County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41141 | $43 | $107 | $330 | $842 | $944 |
Source: Ownwell