Grayson, Kentucky Property Taxes
The median property tax rate in Grayson, KY is 0.86%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Grayson at $65,000, the typical annual property tax bill amounts to $422, significantly less than the national median of $2,690. Property taxes in Grayson 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 Grayson'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 Grayson 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
Grayson, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$559
Ownwell’s Grayson Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Grayson. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Grayson to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities, allowing for better financial planning. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by Carter County, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Grayson, Kentucky
Property taxes in Grayson, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grayson is 0.86%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Grayson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grayson 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 Grayson's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41143 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Grayson 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 Grayson Tax Rate
0.86%
Average Carter County Tax Rate
0.86%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grayson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41143 | 0.21% | 0.53% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Grayson, Kentucky
In Grayson, 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 Grayson, 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 Grayson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Grayson are both $422.00, found in the 41143 zip code.
Average Grayson Assessed Value
$65,000
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 Grayson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41143 | $13,000 | $34,940 | $65,000 | $118,400 | $184,600 |
Source: Ownwell
Property Tax Bills Across Grayson, Kentucky
In Grayson, located in Carter County, KY, property tax bills are calculated based on the assessed value of a home. The median home price here is $65,000, which serves as a baseline for tax calculations. The property tax rate in Carter County is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Grayson can expect tax bills to vary widely. For instance, the 25th percentile tax bill is around $169, while the 75th percentile reaches up to $828. At the 90th percentile, tax bills can be as high as $1,422. These figures show a significant range, reflecting different property values and potential exemptions. Compared to the national median property tax rate of 0.99%, Grayson's property tax rates can be considered relatively moderate, making it an attractive location for homeowners seeking affordability in property taxes.
Average Grayson Tax Bill
$422
Average Carter County Tax Bill
$333
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Grayson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41143 | $60 | $169 | $422 | $828 | $1,422 |
Source: Ownwell