Yocum Creek, Kentucky Property Taxes
The median property tax rate in Yocum Creek, KY, is 0.69%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $30,850, the typical annual property tax bill in Yocum Creek is $195, significantly below the national median of $2,690. Property taxes in Yocum Creek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Yocum Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Yocum Creek 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
Yocum 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 Yocum Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Yocum Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Yocum 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 Yocum Creek, Kentucky
Property taxes in Yocum 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 Yocum Creek is 0.69%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Yocum Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Yocum 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 Yocum Creek's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 40828 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Yocum 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 Yocum Creek Tax Rate
0.69%
Average Harlan County Tax Rate
1.35%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Yocum Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | 0.16% | 0.36% | 0.69% | 1.02% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Yocum Creek, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Yocum 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 Harlan County 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. 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. In Yocum Creek, the median home price is $30,850, with tax bills ranging from $104 at the 25th percentile to $341 at the 90th percentile. The zip code 40828 has both the highest and lowest median tax bill at $195. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Yocum Creek Assessed Value
$30,850
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 Yocum Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | $23,660 | $26,450 | $30,850 | $35,625 | $39,090 |
Source: Ownwell
Property Tax Bills Across Yocum Creek, Kentucky
In Yocum Creek, Harlan County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in the area is $30,850, which serves as the basis for determining the tax bill. Local authorities assess the property value and multiply it by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and consequently, the tax bill. For homeowners in Yocum Creek, the tax bill can vary significantly. The 25th percentile tax bill is around $104, while the 75th percentile reaches $287. Those in the 90th percentile face tax bills up to $341. Despite these variations, the median tax bill in the area is $195, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making property ownership more affordable in Yocum Creek.
Average Yocum Creek Tax Bill
$195
Average Harlan County Tax Bill
$386
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Yocum Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40828 | $49 | $104 | $195 | $287 | $341 |
Source: Ownwell