Artemus, Kentucky Property Taxes
The median property tax rate in Artemus, KY is 1.18%, which is higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Artemus at $24,000, the typical annual property tax bill is $263, still below the national median of $2,690. Property taxes in Artemus are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Artemus'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 Artemus or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Artemus, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$283
Ownwell’s Artemus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Artemus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Artemus 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 Artemus, Kentucky
Property taxes in Artemus, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Artemus is 1.18%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Artemus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Artemus 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 Artemus's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40903 ZIP code has both the highest and lowest median property tax rate of 1.18%. Understanding how these cities compare with Artemus provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Artemus Tax Rate
1.18%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Artemus, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40903 | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Artemus, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Artemus, 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 Knox 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 Artemus, 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 Artemus is $24,000, with tax bills ranging from $75 at the 25th percentile to $1,084 at the 90th percentile. The highest and lowest median tax bills both stand at $263 in zip code 40903. 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 Artemus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Artemus Assessed Value
$24,000
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Artemus, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40903 | $3,473 | $8,000 | $24,000 | $55,000 | $90,120 |
Source: Ownwell
Property Tax Bills Across Artemus, Kentucky
In Artemus, property tax bills are calculated based on the assessed value of a home, which is determined by the Knox County property assessor. The median home price in Artemus is $24,000. Factors such as the property's location, size, and condition play significant roles in determining its assessed value. The property tax rate in Artemus is applied to this assessed value to calculate the tax bill. Homeowners in Artemus can expect tax bills that vary widely. At the 25th percentile, tax bills are around $75, while at the 75th percentile, they can reach $676. For those at the 90th percentile, tax bills can be as high as $1,084. The highest median tax bill recorded is $263 in the 40903 zip code. These tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Artemus homeowners experience a relatively modest tax burden, which may provide some financial relief.
Average Artemus Tax Bill
$263
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Artemus, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40903 | $36 | $75 | $263 | $676 | $1,084 |
Source: Ownwell