Closplint, Kentucky Property Taxes
The median property tax rate in Closplint, 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 Closplint at $33,700, the typical annual property tax bill reaches $385, which is significantly lower than the national median of $2,690. Property taxes in Closplint are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Closplint'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 Closplint or another part of Harlan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Closplint, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$455
Ownwell’s CLOSPLINT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CLOSPLINT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CLOSPLINT 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 Closplint, Kentucky
Property taxes in Closplint, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Closplint is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Closplint set these rates annually, and they can vary significantly across different neighborhoods. Each year, Closplint 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 Closplint's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40927 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these areas compare with Closplint 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 Closplint 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 Closplint, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40927 | 0.48% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Closplint, Kentucky
In Closplint, 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 Closplint, 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 Closplint helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Closplint is $33,700, with the highest and lowest median tax bills both being $385 in the 40927 zip code.
Average Closplint Assessed Value
$33,700
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 Closplint, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40927 | $9,400 | $21,300 | $33,700 | $47,000 | $68,800 |
Source: Ownwell
Property Tax Bills Across Closplint, Kentucky
Property tax bills in Closplint, located in Harlan County, KY, are calculated based on the assessed value of a property, which is determined by local tax assessors. Homeowners in Closplint pay property taxes that are a percentage of their property's assessed value. The median home price in Closplint is $33,700, and property tax bills vary significantly within the area. For instance, the 25th percentile tax bill is $183, while the 75th percentile tax bill reaches $621. At the higher end, the 90th percentile tax bill is $878. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Closplint's rates can be relatively low, making it an attractive location for homeowners seeking affordable property taxes. However, the variability in tax bills indicates that individual circumstances, such as property size and specific local levies, can significantly impact the final amount owed by homeowners.
Average Closplint Tax Bill
$385
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Closplint, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40927 | $74 | $183 | $385 | $621 | $878 |
Source: Ownwell