Molus, Harlan County, Kentucky Property Taxes
The median property tax rate in MOLUS, 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 MOLUS, the typical annual property tax bill reaches $408, which is significantly lower than the national median of $2,690. Property taxes in MOLUS 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 MOLUS'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 MOLUS 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
Molus, Harlan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$513
$476
Ownwell’s MOLUS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOLUS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOLUS 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 Molus, Harlan County, Kentucky
Property taxes in MOLUS, Kentucky, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in MOLUS is 1.35%, which is higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within MOLUS set these rates annually, and they can vary significantly across different neighborhoods. Each year, MOLUS 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 MOLUS's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40819 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with MOLUS 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 Molus 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 Molus, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40819 | 0.58% | 0.94% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Molus, Harlan County, Kentucky
In MOLUS, 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 MOLUS, 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 MOLUS is $38,000, and property tax bills can vary significantly. For example, the 25th percentile tax bill is $184, while the 75th percentile tax bill is $632. The highest median tax bill recorded is $408 in zip code 40819, which is also the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Molus, Harlan County, Kentucky
Source: Ownwell
$9,250
$27,625
$46,000
Average Molus 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 Molus, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40819 | $10,000 | $29,400 | $38,000 | $43,400 | $92,500 |
Source: Ownwell
Property Tax Bills Across Molus, Harlan County, Kentucky
Property tax bills in MOLUS, Harlan County, KY, are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is reviewed periodically by local assessors. For MOLUS, the median home price stands at $38,000. Tax bills can vary significantly within the area, reflecting differences in property values and specific local tax rates. Homeowners in MOLUS can expect tax bills ranging from the 25th percentile at $184 to the 90th percentile at $1,131. The highest and lowest median tax bills both register at $408, indicating a consistent median value across different zip codes within the county. Compared to the national median property tax rate of 0.99%, MOLUS presents a relatively lower tax burden, which can make homeownership more affordable. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Molus Tax Bill
$408
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Molus, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40819 | $100 | $184 | $408 | $632 | $1,131 |
Source: Ownwell