Gray, Knox County, Kentucky Property Taxes
Median Gray, KY effective property tax rate: 1.16%, significantly higher than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Gray, KY home value: $29,000
Median annual Gray, KY tax bill: $304, $2,096 lower than the national median property tax bill of $2,400.
How are property taxes in Knox calculated?
Property taxes in Gray, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Gray’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Gray, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Gray, Knox County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.16%
Estimate Property Tax Bill
$336
$312
Property Tax Rates Across Gray, Knox County, Kentucky
Local government entities are responsible for setting tax rates, which can vary significantly within a state. Each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. Although votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
In Gray, located in Knox County, Kentucky, you'll find that the effective property tax rate aligns with the median rate for the state. Kentucky's median property tax rate is slightly above the national median, providing a point of comparison for property owners. While the rates in Gray are consistent with those across the state, they are higher than the national median. This means property owners in Gray might pay more in property taxes compared to other parts of the country. Understanding how these rates are determined can help property owners anticipate their tax obligations and seek potential savings through appeals or exemptions.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Gray Tax Rate
1.16%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Knox County Tax Rate
1.14%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Gray, Knox County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | 1.07% | 1.10% | 1.16% | 1.31% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Gray, Knox County, Kentucky
When examining property taxes in Gray, Kentucky, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Knox County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Knox County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Gray.
For example, the median home price in Gray is $29,000, with tax bills ranging significantly across the county. Zip code 40734 has the highest median home price at $29,000.
Property Tax Assessment Values Across Gray, Knox County, Kentucky
Source: Ownwell
$10,500
$36,050
$61,600
Median Gray Market Value
$29,000
Median Knox County Market Value
$35,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Gray, Knox County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | $4,500 | $10,000 | $29,000 | $66,500 | $128,800 |
Source: Ownwell
Property Tax Bills Across Gray, Knox County, Kentucky
Median Gray Tax Bill
$304
Median Knox County Tax Bill
$358
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Gray, Knox County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | $52 | $110 | $304 | $736 | $1,411 |
Source: Ownwell