Essie, Kentucky Property Taxes
The median property tax rate in Essie, KY is 1.40%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Essie, the typical annual property tax bill reaches $260, which is below the national median of $2,690. Property taxes in Essie 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 Essie'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 Essie or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Essie, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$441
Ownwell’s Essie Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Essie with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Essie to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Essie, Kentucky
Property taxes in Essie, Kentucky, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Essie is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Essie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essie 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 Essie's effective property tax rate to other areas in Kentucky and the national median. For comparison, the highest median property tax rate in the region is also 1.40%, found in the zip code 40827, while the lowest median tax rate is similarly 1.40%. Understanding how these areas compare with Essie provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essie Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40827 | 0.32% | 1.20% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Essie, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Essie, 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 Leslie 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 Essie, 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 Essie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Essie is 40827, with a median tax bill of $260.
Average Essie Assessed Value
$31,500
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40827 | $2,100 | $7,500 | $31,500 | $55,950 | $84,400 |
Source: Ownwell
Property Tax Bills Across Essie, Kentucky
In the city of Essie in Leslie County, KY, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price in Essie is $31,500, which is significantly lower than the national median. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Essie can expect their tax bills to vary widely, with the 25th percentile at $85 and the 75th percentile reaching $702. For those in the 90th percentile, tax bills can climb as high as $1,188. Several factors influence these tax bills, including property size, location, and any applicable exemptions. These tax bills directly impact homeowners by contributing to the funding of local services such as schools, infrastructure, and emergency services. While the highest median tax bill in the region is $260, it remains relatively low compared to other areas, providing some financial relief to homeowners in Essie.
Average Essie Tax Bill
$260
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Essie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40827 | $37 | $85 | $260 | $702 | $1,188 |
Source: Ownwell