Chad, Kentucky Property Taxes
The median property tax rate in Chad, 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 Chad, the typical annual property tax bill reaches $115, which is significantly lower than the national median of $2,690. Property taxes in Chad 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 Chad'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 Chad 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
Chad, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$125
Ownwell’s CHAD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CHAD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CHAD 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 Chad, Kentucky
Property taxes in CHAD, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in CHAD is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within CHAD set these rates annually, and they can vary significantly across different neighborhoods. Each year, CHAD 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 CHAD's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40823 zip code has the highest median property tax rate of 1.35%, while the 40823 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with CHAD 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 Chad 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 Chad, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40823 | 1.10% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Chad, Kentucky
In CHAD, 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 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 CHAD, 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 CHAD helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Harlan County, the highest median tax bill is $115 in zip code 40823, while the lowest is also $115 in the same zip code.
Average Chad Assessed Value
$9,250
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 Chad, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40823 | $1,850 | $3,750 | $9,250 | $22,000 | $37,060 |
Source: Ownwell
Property Tax Bills Across Chad, Kentucky
In the city of Chad, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor, who evaluates the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and condition. In Chad, homeowners experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $54, while at the 75th percentile, it rises to $279, and at the 90th percentile, it reaches $511. The highest median tax bill in the area is $115, with the same amount also being the lowest median tax bill, both in the zip code 40823. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Chad’s property tax bills can be relatively moderate, offering some financial relief to homeowners.
Average Chad Tax Bill
$115
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Chad, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40823 | $19 | $54 | $115 | $279 | $511 |
Source: Ownwell