Isonville, Elliott County, Kentucky Property Taxes
The median property tax rate in Isonville, KY is 0.74%, considerably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Isonville, the typical annual property tax bill reaches $274, significantly below the national median of $2,690. Property taxes in Isonville are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Isonville'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 Isonville 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
Isonville, Elliott County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$390
$362
Ownwell’s Isonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Isonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Isonville 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 Isonville, Elliott County, Kentucky
Property taxes in Isonville, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Isonville is 0.74%, which is below the U.S. national median of 0.99%. Local government entities within Isonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Isonville 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 Isonville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41149 zip code in Elliott County has both the highest and the lowest median property tax rate of 0.74%. Understanding how these areas compare with Isonville provides valuable insights into the varying tax landscape across Elliott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Isonville Tax Rate
0.74%
Average Elliott County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Isonville, Elliott County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41149 | 0.14% | 0.41% | 0.74% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Isonville, Elliott County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Isonville, 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 Elliott 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 Isonville, 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 example, the median home price in Isonville is $52,728, with the highest median tax bill being $274 in the 41149 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Isonville, Elliott County, Kentucky
Source: Ownwell
$51,500
$52,300
$53,100
Average Isonville Assessed Value
$52,728
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 Isonville, Elliott County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41149 | $7,500 | $19,196 | $52,728 | $86,837 | $133,618 |
Source: Ownwell
Property Tax Bills Across Isonville, Elliott County, Kentucky
In Isonville, Elliott County, KY, property tax bills are calculated based on the assessed value of a home, which in this area has a median home price of $52,728. The tax rate 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. For homeowners in Isonville, this means that the tax bill can vary significantly. For instance, the 25th percentile tax bill is $84, while the 75th percentile is $531, and the 90th percentile reaches $785. This range indicates that while some homeowners pay relatively low property taxes, others may face higher bills depending on their home's assessed value and specific circumstances. The highest median tax bill in Elliott County is $274, which aligns with the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly.
Average Isonville Tax Bill
$274
Average Elliott County Tax Bill
$286
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Isonville, Elliott County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41149 | $33 | $84 | $274 | $531 | $785 |
Source: Ownwell