Park City, Kentucky Property Taxes
The median property tax rate in Park City, KY is 0.92%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $84,000 in Park City, the typical annual property tax bill amounts to $700, significantly below the national median of $2,690. Property taxes in Park City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Park City'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 Park City 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
Park City, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$773
Ownwell’s Park City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park City 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 Park City, Kentucky
Property taxes in Park City, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park City is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Park City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park City 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. Understanding how these cities compare with Park City provides valuable insights into the varying tax landscape across Edmonson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park City Tax Rate
0.92%
Average Edmonson County Tax Rate
0.91%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42160 | 0.39% | 0.67% | 0.92% | 0.94% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Park City, Kentucky
In Park City, 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 Edmonson 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. 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 Park City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 42160 has the highest and lowest median tax bill of $700.
Average Park City Assessed Value
$84,000
Average Edmonson County Assessed Value
$80,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42160 | $25,000 | $48,500 | $84,000 | $130,000 | $169,960 |
Source: Ownwell
Property Tax Bills Across Park City, Kentucky
In Park City, located in Edmonson County, KY, property tax bills are determined by assessing the market value of a property and applying the local tax rate. Homeowners in Park City see a range of tax bills, with the 25th percentile being $314 and the 75th percentile reaching $1125. The 90th percentile tax bill can go as high as $1548. These figures highlight the variability in property taxes based on property values and local tax rates. The median home price in Park City is $84,000, which influences the overall tax burden on homeowners. Compared to the national median property tax rate of 0.99%, Park City's tax bills reflect the local economic conditions and property values. This variability can significantly impact homeowners, influencing their financial planning and long-term investment in their properties. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and manage their budgets effectively.
Average Park City Tax Bill
$700
Average Edmonson County Tax Bill
$643
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Park City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42160 | $139 | $314 | $700 | $1,125 | $1,548 |
Source: Ownwell