Thealka, Kentucky Property Taxes
The median property tax rate in THEALKA, KY is 1.16%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in THEALKA, the typical annual property tax bill reaches $61, which is significantly lower than the national median of $2,690. Property taxes in THEALKA 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 THEALKA'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 THEALKA 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
Thealka, 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 Thealka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thealka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thealka 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 Thealka, Kentucky
Property taxes in Thealka, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thealka is 0.66%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Thealka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thealka 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 Thealka's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Johnson County is 0.66%, while the lowest median tax rate is also 0.66%. Understanding how these cities compare with Thealka provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thealka Tax Rate
1.16%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thealka, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | 1.04% | 1.08% | 1.16% | 1.47% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Thealka, Kentucky
In THEALKA, 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 Johnson 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 THEALKA, 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. Being aware of these valuation processes in THEALKA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 25th percentile tax bill in THEALKA is $57, while the 75th percentile tax bill is $123, and the 90th percentile tax bill is $160.
Average Thealka Assessed Value
$6,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thealka, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | $3,600 | $4,500 | $6,000 | $11,000 | $14,000 |
Source: Ownwell
Property Tax Bills Across Thealka, Kentucky
In Thealka, Johnson County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and market conditions play a significant role in determining the assessed value. For homeowners in Thealka, the median home price is $6,000. The property tax bills can vary significantly, with the 25th percentile tax bill at $57 and the 75th percentile reaching $123. At the 90th percentile, homeowners might pay up to $160. Compared to the national median property tax rate of 0.99%, Thealka's property tax rates provide a relatively affordable option for homeowners. However, the actual tax amount can still impact household budgets, especially for those in higher tax brackets. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Thealka Tax Bill
$61
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Thealka, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41240 | $55 | $57 | $61 | $123 | $160 |
Source: Ownwell