Coldiron, Kentucky Property Taxes
The median property tax rate in Coldiron, 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 Coldiron at $38,000, the typical annual property tax bill reaches $405, which is significantly lower than the national median of $2,690. Property taxes in Coldiron 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 Coldiron'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 Coldiron 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
Coldiron, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$513
Ownwell’s Coldiron Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Coldiron. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Coldiron to provide an accurate estimate of your property tax bill. This easy-to-use tool gives you a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, you can scroll down for localized information. Remember, your property’s assessed value is determined by Harlan County for tax purposes and may include applicable exemptions.
Property Tax Rates Across Coldiron, Kentucky
Property taxes in Coldiron, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Coldiron is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Coldiron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coldiron 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 Coldiron's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40819 zip code in Harlan County has both the highest and lowest median property tax rate of 1.35%. Understanding how these areas compare with Coldiron 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 Coldiron 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 Coldiron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40819 | 0.51% | 1.06% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Coldiron, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Coldiron, 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 local 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 Coldiron, 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. Awareness of these valuation processes in Coldiron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $405 in the zip code 40819, while the lowest is also $405 in the same zip code, reflecting a uniform tax landscape.
Average Coldiron Assessed Value
$38,000
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 Coldiron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40819 | $8,900 | $18,750 | $38,000 | $60,000 | $105,005 |
Source: Ownwell
Property Tax Bills Across Coldiron, Kentucky
In Coldiron, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in this area is $38,000. The tax rate is applied to this assessed value to determine the annual tax bill. For instance, homes in Coldiron have tax bills that range significantly. The 25th percentile tax bill is around $202, while the 75th percentile reaches up to $747. At the higher end, the 90th percentile tax bill can be as much as $1,268. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their property tax is calculated helps in financial planning and ensures they are prepared for their annual obligations. Compared to the national median property tax rate of 0.99%, Coldiron's rates can offer a more affordable option for homeowners.
Average Coldiron Tax Bill
$405
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Coldiron, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40819 | $81 | $202 | $405 | $747 | $1,268 |
Source: Ownwell