Eolia, Kentucky Property Taxes
The median property tax rate in Eolia, 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 Eolia at $20,500, the typical annual property tax bill reaches $146, which is significantly lower than the national median of $2,690. Property taxes in Eolia 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 Eolia'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 Eolia or another part of Letcher County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eolia, 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 Eolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eolia 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 Eolia, Kentucky
Property taxes in Eolia, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eolia is 1.46%, significantly higher than the U.S. national median of 0.99%. Local government entities within Eolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eolia 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 Eolia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40826 zip code has both the highest and lowest median property tax rate of 1.46%. Understanding how these cities compare with Eolia 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 Eolia 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 Eolia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40826 | 0.38% | 1.08% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Eolia, Kentucky
In Eolia, 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 Property Valuation Administrator 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 Eolia, 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 Eolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Eolia are both $146.00, found in the 40826 zip code, highlighting the uniformity in property tax assessments within the region.
Average Eolia Assessed Value
$20,500
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 Eolia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40826 | $1,970 | $5,000 | $20,500 | $37,000 | $69,825 |
Source: Ownwell
Property Tax Bills Across Eolia, Kentucky
In Eolia, located in Letcher County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as the home's market value, location, and any applicable exemptions or abatements play a significant role in determining the assessed value. For homeowners in Eolia, the median home price is $20,500. The tax bills vary widely, with the 25th percentile at $51 and the 75th percentile at $390. At the 90th percentile, tax bills can reach up to $655. The highest median tax bill in the area is $146, which is notably lower than the national median property tax rate of 0.99%. This relatively low property tax burden can make homeownership more affordable for residents, but it also means that local government services may be funded at lower levels compared to regions with higher property tax rates.
Average Eolia Tax Bill
$146
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Eolia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40826 | $28 | $51 | $146 | $390 | $655 |
Source: Ownwell