Big Creek, Clay County, Kentucky Property Taxes
The median property tax rate in Big Creek, KY is 1.18%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $39,000 in Big Creek, the typical annual property tax bill amounts to $295, well below the national median of $2,690. Property taxes in Big Creek are calculated based on the assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Big Creek'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 Big Creek 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
Big Creek, Clay County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$460
$427
Ownwell’s Big Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Creek 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 Big Creek, Clay County, Kentucky
Property taxes in Big Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Creek is 0.73%, which is significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Big Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Creek 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 Big Creek's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40914 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Big Creek 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 Big Creek Tax Rate
1.18%
Average Clay County Tax Rate
1.18%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Creek, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40914 | 0.22% | 0.64% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Big Creek, Clay County, Kentucky
In Big Creek, 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 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 Big Creek, 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. For instance, in Clay County, the median home price is $39,000, with tax bills ranging from $94 at the 25th percentile to $1,024 at the 90th percentile. The zip code with the highest and lowest median tax bill is 40914, both at $295. Being aware of these valuation processes in Big Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Big Creek, Clay County, Kentucky
Source: Ownwell
$39,000
$49,050
$59,100
Average Big Creek Assessed Value
$39,000
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 Big Creek, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40914 | $6,500 | $20,000 | $39,000 | $52,325 | $87,000 |
Source: Ownwell
Property Tax Bills Across Big Creek, Clay County, Kentucky
In Big Creek, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $39,000. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property location, home value, and local tax rates. For homeowners in Big Creek, the tax burden can vary significantly. The 25th percentile tax bill is around $94, while the 75th percentile tax bill is about $556. At the higher end, the 90th percentile tax bill reaches $1024. Compared to the national median property tax rate of 0.99%, Big Creek residents experience a range of tax bills that reflect the local economic conditions and property values. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated can help homeowners budget accordingly and potentially seek exemptions or appeals if they believe their assessed value is inaccurate.
Average Big Creek Tax Bill
$295
Average Clay County Tax Bill
$348
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Creek, Clay County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40914 | $53 | $94 | $295 | $556 | $1,024 |
Source: Ownwell