Loyall, Harlan County, Kentucky Property Taxes
The median property tax rate in Loyall, 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 Loyall at $40,500, the typical annual property tax bill reaches $561, which is significantly lower than the national median of $2,690. Property taxes in Loyall are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Loyall'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 Loyall 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
Loyall, Harlan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$547
$507
Ownwell’s Loyall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loyall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loyall 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 Loyall, Harlan County, Kentucky
Property taxes in Loyall, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loyall is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Loyall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loyall 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 Loyall's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40854 zip code 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 Loyall 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 Loyall 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 Loyall, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40854 | 0.52% | 1.35% | 1.35% | 1.70% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Loyall, Harlan County, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Loyall, 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 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 Loyall, 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. The median home price in Loyall is $40,500, with tax bills varying significantly. For instance, the 25th percentile tax bill is $270, while the 75th percentile tax bill is $938. The highest median tax bill recorded is $561 in the 40854 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Loyall, Harlan County, Kentucky
Source: Ownwell
$9,250
$27,625
$46,000
Average Loyall Assessed Value
$40,500
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 Loyall, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40854 | $12,150 | $25,000 | $40,500 | $68,800 | $99,670 |
Source: Ownwell
Property Tax Bills Across Loyall, Harlan County, Kentucky
In Loyall, located in Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $40,500, which serves as a baseline for determining tax obligations. Local authorities assess the property value and apply the relevant tax rate to calculate the annual tax bill. The assessed value takes into account factors such as market conditions, property size, and improvements. Homeowners in Loyall can expect tax bills to vary significantly. For example, the tax bill at the 25th percentile is around $270, while at the 75th percentile, it rises to $938. The 90th percentile sees tax bills as high as $1,389. These variations illustrate how different property values and conditions affect the overall tax burden. Compared to the national median property tax rate of 0.99%, Loyall's tax rates can be seen as relatively moderate, providing some relief to homeowners in this region. However, understanding these factors is crucial for budgeting and financial planning.
Average Loyall Tax Bill
$561
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Loyall, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40854 | $128 | $270 | $561 | $938 | $1,389 |
Source: Ownwell