Wallins Creek, Kentucky Property Taxes
The median property tax rate in Wallins Creek, 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 Wallins Creek at $36,000, the typical annual property tax bill reaches $378, well below the national median of $2,690. Property taxes in Wallins Creek 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 Wallins Creek'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 Wallins Creek 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
Wallins Creek, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Wallins Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallins Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallins Creek 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 Wallins Creek, Kentucky
Property taxes in Wallins Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallins Creek is 1.35%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Wallins Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallins Creek 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 Wallins Creek's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40873 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 Wallins Creek 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 Wallins Creek 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 Wallins Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40873 | 0.44% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Wallins Creek, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wallins Creek, 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 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 Wallins Creek, 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 highest median tax bill is $378 in the 40873 zip code, whereas the lowest median tax bill is also $378 in the same zip code. Being aware of these valuation processes in Wallins Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Wallins Creek, Kentucky
Source: Ownwell
$9,250
$743,160
$1,477,070
Average Wallins Creek Assessed Value
$36,000
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 Wallins Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40873 | $5,500 | $16,000 | $36,000 | $57,550 | $93,300 |
Source: Ownwell
Property Tax Bills Across Wallins Creek, Kentucky
In Wallins Creek, located in Harlan County, KY, property tax bills are calculated based on the assessed value of the property. The median home price here is $36,000, which serves as the starting point for determining the property tax bill. Local tax authorities assess the property value, and this assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Wallins Creek typically see a range of property tax bills. For instance, the 25th percentile tax bill is around $137, while the 75th percentile tax bill is approximately $701. At the higher end, the 90th percentile tax bill reaches up to $1,211. The highest median tax bill in the area is $378, consistent across the 40873 zip code. Compared to the national median property tax rate of 0.99%, Wallins Creek offers relatively affordable property taxes, which can be a significant advantage for homeowners looking to manage their annual expenses.
Average Wallins Creek Tax Bill
$378
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallins Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40873 | $54 | $137 | $378 | $701 | $1,211 |
Source: Ownwell