Green Road, Kentucky Property Taxes
The median property tax rate in Green Road, KY, is 1.14%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. Given the median home value in Green Road, the typical annual property tax bill amounts to $229, which is significantly below the national median of $2,690. Property taxes in Green Road are determined based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Green Road's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in considerable annual savings. Whether you're in the heart of Green Road or another part of Knox County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Green Road, 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 Green Road Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Green Road with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Green Road 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 Green Road, Kentucky
Property taxes in Green Road, Kentucky, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Green Road is 1.14%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Green Road set these rates annually, and they can vary significantly across different neighborhoods. Each year, Green Road 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 Green Road's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40946 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these areas compare with Green Road 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 Green Road Tax Rate
1.14%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Green Road, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40946 | 0.87% | 1.10% | 1.14% | 1.54% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Green Road, Kentucky
In Green Road, 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 local 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 Green Road, 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 Green Road helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Property tax bills in Green Road can vary significantly. For example, the highest median tax bill in the area is $229 in the 40946 zip code, while the lowest median tax bill is also $229 in the same zip code. Understanding these variations can help homeowners plan and budget more effectively.
Average Green Road Assessed Value
$25,000
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 Green Road, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40946 | $1,960 | $5,450 | $25,000 | $59,900 | $73,800 |
Source: Ownwell
Property Tax Bills Across Green Road, Kentucky
In Green Road, Knox County, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Green Road experience a range of property tax bills, with the 25th percentile paying around $86, while those in the 75th percentile face bills of approximately $645. The 90th percentile sees tax bills as high as $809. For context, the national median property tax rate is 0.99%, and property taxes in Green Road can vary significantly. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the final tax bill. Homeowners must budget for these taxes, as they can impact annual expenses and long-term financial planning. The highest median tax bill in the area is $229, indicating variability in property tax burdens across different properties.
Average Green Road Tax Bill
$229
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Green Road, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40946 | $49 | $86 | $229 | $645 | $809 |
Source: Ownwell