Corbin, Kentucky Property Taxes
The median property tax rate in Corbin, KY is 0.79%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $55,000 in Corbin, the typical annual property tax bill amounts to $361, significantly below the national median of $2,690. Property taxes in Corbin are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Corbin's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Corbin or another part of the city, comprehending the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Corbin, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$435
Ownwell’s Corbin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corbin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corbin 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 Corbin, Kentucky
Property taxes in Corbin, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corbin is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Corbin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corbin 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 Corbin's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 40701 zip code has the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Corbin provides valuable insights into the varying tax landscape across Laurel County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corbin Tax Rate
0.79%
Average Laurel County Tax Rate
0.79%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corbin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | 0.46% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Corbin, Kentucky
In Corbin, 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 Laurel 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 Corbin, 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 zip code 40701 in Corbin has the highest and lowest median tax bills, both at $361. 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 Corbin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Corbin Assessed Value
$55,000
Average Laurel County Assessed Value
$60,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corbin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $6,000 | $15,500 | $55,000 | $120,000 | $174,000 |
Source: Ownwell
Property Tax Bills Across Corbin, Kentucky
In Corbin, located in Laurel County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Corbin is $55,000. Property tax rates are applied to this assessed value to determine the tax bill. For instance, with a median tax bill of $361, homeowners in the zip code 40701 can expect this as a typical amount. The tax bill can vary significantly, with the 25th percentile at $103 and the 75th percentile reaching $870. At the higher end, the 90th percentile tax bill can be as much as $1,345. Several factors influence the final tax bill, including the assessed property value, local tax rates, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial as they directly affect the annual financial obligations tied to property ownership. Compared to the national median property tax rate of 0.99%, Corbin's rates offer a more affordable option, making it an attractive location for potential homeowners.
Average Corbin Tax Bill
$361
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Corbin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $40 | $103 | $361 | $870 | $1,345 |
Source: Ownwell