Big Laurel, Harlan County, Kentucky Property Taxes
The median property tax rate in Big Laurel, 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 Big Laurel at $39,300, the typical annual property tax bill reaches $366, which is significantly lower than the national median of $2,690. Property taxes in Big Laurel 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 Big Laurel'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 Big Laurel 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
Big Laurel, Harlan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$531
$492
Ownwell’s Big Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Big Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Big Laurel 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 Big Laurel, Harlan County, Kentucky
Property taxes in Big Laurel, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Laurel is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Big Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Laurel 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 Big Laurel's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40808 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Big Laurel 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 Big Laurel 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 Big Laurel, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40808 | 0.32% | 0.86% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Big Laurel, Harlan County, Kentucky
In Big Laurel, 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 Harlan County Property Valuation Administrator 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 Big Laurel, 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 Big Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $366 in zip code 40808, while the lowest median tax bill is also $366 in the same zip code.
Property Tax Assessment Values Across Big Laurel, Harlan County, Kentucky
Source: Ownwell
$9,250
$27,625
$46,000
Average Big Laurel Assessed Value
$39,300
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 Big Laurel, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40808 | $10,250 | $22,975 | $39,300 | $60,022 | $85,234 |
Source: Ownwell
Property Tax Bills Across Big Laurel, Harlan County, Kentucky
In Big Laurel, KY, property tax bills are calculated based on the assessed value of your home. The median home price in Big Laurel is $39,300, which serves as a basis for determining the tax bill. The local tax rate is applied to this assessed value to compute the annual property tax. For instance, homeowners in the 25th percentile typically pay around $198, while those in the 75th percentile may see bills up to $678. The highest tax bills, representing the 90th percentile, can reach $959. Factors influencing these calculations include the property's assessed value, local tax rates, and any applicable exemptions. With the national median property tax rate at 0.99%, Big Laurel's rates can be seen as relatively modest, providing some financial relief to homeowners. The impact of these tax bills on homeowners can vary, but generally, they contribute to funding local services such as schools, roads, and emergency services, thereby enhancing community infrastructure and quality of life.
Average Big Laurel Tax Bill
$366
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Laurel, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40808 | $84 | $198 | $366 | $678 | $959 |
Source: Ownwell