Van Lear, Kentucky Property Taxes
The median property tax rate in Van Lear, KY is 1.02%, aligning with the state median but slightly above the national median of 0.99%. With a median home value of $51,900 in Van Lear, the typical annual property tax bill amounts to $408, which is significantly lower than the national median of $2,690. Property taxes in Van Lear 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 Van Lear'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 Van Lear or another part of Johnson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Van Lear, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$529
Ownwell’s VAN LEAR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in VAN LEAR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in VAN LEAR 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 Van Lear, Kentucky
Property taxes in Van Lear, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Van Lear is 0.62%, which is significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Van Lear set these rates annually, and they can vary significantly across different neighborhoods. Each year, Van Lear 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 Van Lear's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the area is found in 41265 with a rate of 0.62%, while the lowest median tax rate is also 0.62% in the same zip code. Understanding how these cities compare with Van Lear 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 Van Lear Tax Rate
1.02%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Van Lear, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41265 | 0.28% | 0.61% | 1.02% | 1.05% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Van Lear, Kentucky
In Van Lear, 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 Van Lear, 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 Van Lear helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $408.00, found in the zip code 41265.
Average Van Lear Assessed Value
$51,900
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 Van Lear, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41265 | $10,000 | $24,550 | $51,900 | $95,500 | $155,700 |
Source: Ownwell
Property Tax Bills Across Van Lear, Kentucky
In Van Lear, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Van Lear is $51,900. Local tax authorities determine the assessed value, which is then multiplied by the property tax rate to calculate the annual tax bill. This rate can vary but is influenced by county-level decisions and funding needs for public services such as schools and infrastructure. For homeowners in Van Lear, the tax bill can vary significantly. The 25th percentile tax bill is around $164, while the 75th percentile reaches $935, and the 90th percentile can be as high as $1,556. These variations reflect differences in property values and individual assessments. Comparatively, the national median property tax rate is 0.99%, which provides context for understanding local tax burdens. High property taxes can impact homeowners by increasing annual expenses, while lower taxes can provide some financial relief.
Average Van Lear Tax Bill
$408
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Van Lear, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41265 | $74 | $164 | $408 | $935 | $1,556 |
Source: Ownwell