Kenvir, Kentucky Property Taxes
The median property tax rate in Kenvil, 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 Kenvil at $32,700, the typical annual property tax bill reaches $349, which is significantly lower than the national median of $2,690. Property taxes in Kenvil 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 Kenvil'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 Kenvil 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
Kenvir, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$441
Ownwell’s KENVIR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in KENVIR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in KENVIR 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 Kenvir, Kentucky
Property taxes in Kenvil, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenvil is 1.35%, notably higher than the U.S. national median of 0.99%. Local government entities within Kenvil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenvil 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 Kenvil's effective property tax rate to other areas in Harlan County and the national median. For comparison, the zip code 40847 has the highest median property tax rate of 1.35%, which is the same as Kenvil's rate. Understanding how these areas compare with Kenvil 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 Kenvir 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 Kenvir, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40847 | 0.57% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Kenvir, Kentucky
In Kenvil, 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 Kenvil, 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 Kenvil is $32,700, with tax bills ranging from $202 at the 25th percentile to $819 at the 90th percentile. 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 Kenvil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kenvir Assessed Value
$32,700
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 Kenvir, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40847 | $9,230 | $18,000 | $32,700 | $40,479 | $65,000 |
Source: Ownwell
Property Tax Bills Across Kenvir, Kentucky
In Kenvil, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. To calculate the tax bill, this assessed value is multiplied by the local property tax rate. For instance, with a median home price of $32,700, homeowners in Kenvil can expect varying tax bills. The 25th percentile tax bill is around $202, while the 75th percentile reaches $489. At the higher end, the 90th percentile tax bill can be as much as $819. Homeowners in Kenvil should be aware that their property taxes can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Kenvil's tax bills may seem relatively modest, but they still represent a crucial financial consideration for residents. Ensuring accurate assessments and understanding potential exemptions can help homeowners manage their tax liabilities effectively.
Average Kenvir Tax Bill
$349
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenvir, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40847 | $94 | $202 | $349 | $489 | $819 |
Source: Ownwell