Argillite, Kentucky Property Taxes
The median property tax rate in Argillite, KY is 1.61%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Argillite, the typical annual property tax bill reaches $562, which is significantly lower than the national median of $2,690. Property taxes in Argillite 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 Argillite'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 Argillite or another part of Greenup County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Argillite, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$749
Ownwell’s Argillite Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Argillite with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Argillite 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 Argillite, Kentucky
Property taxes in Argillite, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Argillite is 1.61%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Argillite set these rates annually, and they can vary significantly across different neighborhoods. Each year, Argillite 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 Argillite's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41121 zip code has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these areas compare with Argillite provides valuable insights into the varying tax landscape across Greenup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Argillite Tax Rate
1.61%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Argillite, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41121 | 0.50% | 0.87% | 1.60% | 1.60% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Argillite, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Argillite, 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 Greenup 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 Argillite, 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. The median home price in Argillite is $46,552, with tax bills ranging from $185 at the 25th percentile to $2,288 at the 90th percentile. The zip code 41121 has the highest and lowest median tax bill, both at $562. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Argillite Assessed Value
$46,552
Average Greenup County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Argillite, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41121 | $5,000 | $16,450 | $46,552 | $90,581 | $164,120 |
Source: Ownwell
Property Tax Bills Across Argillite, Kentucky
In Argillite, located in Greenup County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Argillite stands at $46,552. To determine a homeowner's tax bill, local tax authorities multiply the assessed value of the property by the applicable tax rate. Various factors influence this calculation, including the property's location, condition, and any applicable exemptions. For homeowners in Argillite, the tax bill can vary significantly. At the 25th percentile, the tax bill is around $185, while at the 75th percentile, it can reach $1,223. Those at the 90th percentile might see tax bills as high as $2,288. The highest median tax bill recorded in the area is $562, which also happens to be the lowest, indicating a relatively uniform tax rate within the zip code 41121. Compared to the national median property tax rate of 0.99%, Argillite offers a more affordable tax environment, which can significantly impact homeowners' overall financial planning and budget management.
Average Argillite Tax Bill
$562
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Argillite, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41121 | $72 | $185 | $562 | $1,223 | $2,288 |
Source: Ownwell