Baxter, Harlan County, Kentucky Property Taxes
The median property tax rate in Baxter, KY is 1.35%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Baxter, the typical annual property tax bill reaches $466, which is significantly lower than the national median of $2,690. Property taxes in Baxter 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 Baxter'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 Baxter 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
Baxter, Harlan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$621
$576
Ownwell’s Baxter Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baxter with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baxter 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 Baxter, Harlan County, Kentucky
Property taxes in Baxter, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baxter is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Baxter set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baxter 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 Baxter's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40806 zip code has the highest median property tax rate of 1.35%, while the 40806 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Baxter provides valuable insights into the varying tax landscape across Harlan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baxter Tax Rate
1.35%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baxter, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40806 | 0.47% | 0.80% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Baxter, Harlan County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Baxter, 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 Harlan 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 Baxter, 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 Baxter is $46,000. The 25th percentile tax bill is $223, while the 75th percentile tax bill is $1,012, and the 90th percentile tax bill is $1,667. The highest and lowest median tax bill is $466 in the zip code 40806. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Baxter, Harlan County, Kentucky
Source: Ownwell
$9,250
$27,625
$46,000
Average Baxter Assessed Value
$46,000
Average Harlan County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baxter, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40806 | $10,000 | $21,750 | $46,000 | $81,500 | $147,000 |
Source: Ownwell
Property Tax Bills Across Baxter, Harlan County, Kentucky
In Baxter, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $46,000, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $223, while at the 75th percentile, it rises to approximately $1,012. For those at the 90th percentile, the tax bill can reach up to $1,667. These tax bills impact homeowners by influencing their overall housing costs and monthly budgets. Property taxes contribute to local services such as schools, infrastructure, and emergency services, making them a critical component of community funding. Comparatively, the national median property tax rate is 0.99%, and Baxter's rates align with the broader trends in property taxation, ensuring that property taxes are equitable and reflective of the local economic conditions.
Average Baxter Tax Bill
$466
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Baxter, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40806 | $81 | $223 | $466 | $1,012 | $1,667 |
Source: Ownwell