Redbud, Harlan County, Kentucky Property Taxes
The median property tax rate in Redbud, 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 Redbud at $15,500, the typical annual property tax bill reaches $216, which is significantly lower than the national median of $2,690. Property taxes in Redbud 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 Redbud'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 Redbud 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
Redbud, Harlan County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$209
$194
Ownwell’s Redbud Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Redbud with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Redbud to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, scroll down to access neighborhood-level trends. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Redbud, Harlan County, Kentucky
Property taxes in Redbud, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redbud is 0.70%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Redbud set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redbud 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 Redbud's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41101 zip code has the highest median property tax rate of 1.12%, while the 40403 zip code has the lowest median tax rate of 0.62%. Understanding how these cities compare with Redbud 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 Redbud 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 Redbud, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Redbud, Harlan County, Kentucky
In Redbud, 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 Redbud, 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. For instance, the median home price in Redbud is $15,500, with tax bills ranging from $184 at the 25th percentile to $446 at the 90th percentile. The zip code 40828 has the highest and lowest median tax bill of $216. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined.
Property Tax Assessment Values Across Redbud, Harlan County, Kentucky
Source: Ownwell
$9,250
$27,625
$46,000
Average Redbud Assessed Value
$15,500
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 Redbud, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | $4,400 | $10,500 | $15,500 | $25,000 | $31,500 |
Source: Ownwell
Property Tax Bills Across Redbud, Harlan County, Kentucky
In Redbud, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value and serves as the basis for the tax rate. Homeowners in Redbud can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $184 and the 75th percentile reaching $344. The highest tax bills in the area can go up to $446. Factors influencing these tax bills include the property's location, size, and condition. The median home price in Redbud is relatively low at $15,500, contributing to lower property tax bills compared to the national median property tax rate of 0.99%. However, even within Redbud, there is variation, as seen in Harlan County, where the median tax bill is $216. These property taxes fund essential local services like schools, public safety, and infrastructure, directly impacting homeowners by ensuring the community's overall well-being.
Average Redbud Tax Bill
$216
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Redbud, Harlan County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | $131 | $184 | $216 | $344 | $446 |
Source: Ownwell