Annville, Clay County, Kentucky Property Taxes
The median property tax rate in Annville, KY is 0.62%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Annville at $59,100, the typical annual property tax bill amounts to $549, significantly below the national median of $2,690. Property taxes in Annville 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 Annville'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 Annville or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Annville, Clay County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$366
$340
Ownwell’s Annville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Annville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Annville 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 Annville, Clay County, Kentucky
Property taxes in Annville, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Annville is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Annville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Annville 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 Annville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40402 has both the highest and lowest median property tax rate in the area at 0.62%. Understanding how these cities compare with Annville provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Annville Tax Rate
0.62%
Average Clay County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Annville, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40402 | 0.26% | 0.34% | 0.62% | 1.06% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Annville, Clay County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Annville, 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 local 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 Annville, 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 Annville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 40402 has the highest and lowest median tax bill, both at $549.
Property Tax Assessment Values Across Annville, Clay County, Kentucky
Source: Ownwell
$39,000
$49,050
$59,100
Average Annville Assessed Value
$59,100
Average Clay County Assessed Value
$40,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Annville, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40402 | $46,100 | $50,350 | $59,100 | $101,250 | $150,000 |
Source: Ownwell
Property Tax Bills Across Annville, Clay County, Kentucky
In Annville, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition play a significant role in determining its assessed value. For homeowners in Annville, the tax burden can vary widely. For instance, the tax bill at the 25th percentile is $207, while at the 75th percentile, it rises to $615, and at the 90th percentile, it reaches $665. These figures indicate that while some homeowners pay relatively low property taxes, others face significantly higher bills. Comparatively, the highest median tax bill in the area is $549, which is still below the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly.
Average Annville Tax Bill
$549
Average Clay County Tax Bill
$348
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Annville, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40402 | $142 | $207 | $549 | $615 | $665 |
Source: Ownwell