Elliott County, Kentucky Property Taxes
The median property tax rate in Elliott County is 0.96%, which is slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Elliott County at $52,000, the typical annual property tax bill is $286, which is significantly below the national median of $2,690. Property taxes in Elliott County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions such as primary residence and agricultural exemptions. Understanding Elliott County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Sandy Hook or another part of Elliott County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elliott County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$499
$463
Ownwell’s Elliott County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Elliott County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Elliott County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Elliott County, Kentucky
Property taxes in Elliott County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Elliott County is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Elliott County set these rates annually, and they can vary significantly between different areas within the county. Each year, Elliott County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Elliott County's effective property tax rate with other counties in Kentucky and the national median. For comparison, the city of Sandy Hook has one of the higher property tax rates in Kentucky at 0.96%, while the city of Isonville boasts one of the lowest at 0.74%. Analyzing how Elliott County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Elliott County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elliott County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Isonville | 0.14% | 0.41% | 0.74% | 0.96% | 0.97% |
| Morehead | N/A | N/A | N/A | N/A | N/A |
| Olive Hill | 0.14% | 0.38% | 0.96% | 0.97% | 0.97% |
| Sandy Hook | 0.17% | 0.44% | 0.96% | 0.97% | 0.97% |
| Webbville | N/A | N/A | N/A | N/A | N/A |
| West Liberty | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Elliott County, Kentucky
In Elliott County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Elliott County Appraisal District. The assessed value, however, 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 in Elliott County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, the highest median tax bill in Elliott County is $295 in Olive Hill, while the lowest is $274 in Isonville. Being aware of these valuation processes in Elliott County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Elliott County Assessed Value
$52,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elliott County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Isonville | $7,500 | $19,196 | $52,728 | $86,837 | $133,618 |
| Morehead | N/A | N/A | N/A | N/A | N/A |
| Olive Hill | $8,860 | $20,412 | $53,100 | $105,000 | $161,344 |
| Sandy Hook | $8,500 | $18,000 | $51,500 | $105,566 | $177,382 |
| Webbville | N/A | N/A | N/A | N/A | N/A |
| West Liberty | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Elliott County, Kentucky
In Elliott County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by local government assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, and condition. Homeowners in Elliott County can expect a median home price of $52,000. For those in the 25th percentile, tax bills average around $104, while those in the 75th percentile see bills closer to $622. The 90th percentile tax bills can reach up to $1,062. In Elliott County, the highest median tax bill is $295 in Olive Hill, while the lowest is $274 in Isonville. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should stay informed about their property's assessed value and the local tax rate to anticipate their annual tax obligations accurately.
Average Elliott County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Elliott County, Kentucky
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Isonville | $33 | $84 | $274 | $531 | $785 |
| Morehead | N/A | N/A | N/A | N/A | N/A |
| Olive Hill | $50 | $106 | $295 | $617 | $999 |
| Sandy Hook | $48 | $111 | $292 | $665 | $1,211 |
| Webbville | N/A | N/A | N/A | N/A | N/A |
| West Liberty | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell