Bryants Store, Kentucky Property Taxes
The median property tax rate in Bryants Store, KY is 1.18%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Bryants Store, the typical annual property tax bill reaches $324, which is significantly lower than the national median of $2,690. Property taxes in Bryants Store 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 Bryants Store'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 Bryants Store 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
Bryants Store, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$339
Ownwell’s Bryants Store Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bryants Store with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bryants Store 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 Bryants Store, Kentucky
Property taxes in Bryants Store, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bryants Store is 1.18%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Bryants Store set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bryants Store 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 Bryants Store's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40921 zip code has the highest median property tax rate of 1.18%, while the 40921 zip code has the lowest median tax rate of 1.18%. Understanding how these cities compare with Bryants Store 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 Bryants Store 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 Bryants Store, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40921 | 1.04% | 1.11% | 1.18% | 1.41% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Bryants Store, Kentucky
In Bryants Store, 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 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 Bryants Store, 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 Bryants Store helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Knox County, the highest and lowest median tax bills are both $324.00, found in the 40921 zip code.
Average Bryants Store Assessed Value
$28,700
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 Bryants Store, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40921 | $4,080 | $9,500 | $28,700 | $58,070 | $98,432 |
Source: Ownwell
Property Tax Bills Across Bryants Store, Kentucky
In Bryants Store, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $28,700. Homeowners' tax bills are determined by multiplying the assessed value by the local tax rate. In Knox County, the median property tax bill is $324, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. For instance, the tax bill for the 25th percentile is $92, while for the 75th percentile, it rises to $667, and reaches $1062 at the 90th percentile. These variations highlight how different property values and exemptions can impact the amount homeowners owe. Lower property tax bills can make homeownership more affordable, but they also reflect the lower property values in the region.
Average Bryants Store Tax Bill
$324
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Bryants Store, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40921 | $54 | $92 | $324 | $667 | $1,062 |
Source: Ownwell