Gray, Kentucky Property Taxes
The median property tax rate in Gray, KY is 0.79%, which is notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Gray at $86,350, the typical annual property tax bill amounts to $525, significantly under the national median of $2,690. Property taxes in Gray are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. By understanding Gray's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Navigating the local property tax landscape, whether in Gray or elsewhere in Laurel County, is essential for maximizing financial benefits and ensuring a fair tax burden.
Last Updated June 14, 2024
Gray, 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 GRAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GRAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GRAY 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 Gray, Kentucky
Property taxes in Gray, Kentucky, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Gray is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Gray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gray 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 Gray's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40734 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Gray 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 Gray 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 Gray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | 0.46% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Gray, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gray, 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 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 Gray, 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 Gray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the 40734 zip code is $525.00, while the lowest median tax bill is also $525.00.
Average Gray Assessed Value
$86,350
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 Gray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | $13,250 | $27,000 | $86,350 | $157,700 | $193,250 |
Source: Ownwell
Property Tax Bills Across Gray, Kentucky
In Gray, located in Laurel County, KY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. Homeowners in Gray can expect a range of property tax bills, with the 25th percentile at $141 and the 75th percentile at $1,211. The 90th percentile reaches up to $1,488, indicating a significant variation depending on property value and specific circumstances. For context, the national median property tax rate is 0.99%, which provides a benchmark for comparison. In Gray, the highest median tax bill recorded is $525, which is relatively modest compared to national figures. This variability in tax bills impacts homeowners differently, with those owning higher-valued properties paying more in taxes. Understanding these factors helps homeowners in Gray anticipate their annual property tax obligations and budget accordingly.
Average Gray Tax Bill
$525
Average Laurel County Tax Bill
$396
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Gray, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40734 | $89 | $141 | $525 | $1,211 | $1,488 |
Source: Ownwell