Blackey, Kentucky Property Taxes
The median property tax rate in Blackey, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Blackey, the typical annual property tax bill reaches $109, significantly lower than the national median of $2,690. Property taxes in Blackey 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 Blackey'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 Blackey 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
Blackey, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$219
Ownwell’s Blackey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Blackey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Blackey 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 Blackey, Kentucky
Property taxes in Blackey, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Blackey is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Blackey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Blackey 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 Blackey's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41804 zip code has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Blackey provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Blackey Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Blackey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41804 | 0.24% | 1.45% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Blackey, Kentucky
In Blackey, 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 Letcher 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 Blackey, 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 Blackey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 41804 has the highest median tax bill at $109, which contrasts with the national median property tax rate of 0.99%.
Average Blackey Assessed Value
$15,000
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Blackey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41804 | $1,700 | $4,000 | $15,000 | $40,000 | $66,000 |
Source: Ownwell
Property Tax Bills Across Blackey, Kentucky
In Blackey, located in Letcher County, KY, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and reflects the market value of the home. Homeowners in Blackey can expect a wide range of property tax bills. For instance, the lowest median tax bill in the area is $109.00, which is quite modest compared to the national median property tax rate of 0.99%. This means that for a median home price of $15,000, homeowners might see tax bills as low as $29 at the 25th percentile and as high as $716 at the 90th percentile. Various factors influence the tax bill, including property size, location, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated and what they fund can provide better insight into their annual financial obligations and the benefits they receive in return.
Average Blackey Tax Bill
$109
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Blackey, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41804 | $17 | $29 | $109 | $318 | $716 |
Source: Ownwell