Jackhorn, Kentucky Property Taxes
The median property tax rate in Jackhorn, KY is 1.46%, considerably higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Jackhorn at $16,250, the typical annual property tax bill reaches $119, far below the national median of $2,690. Property taxes in Jackhorn 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 Jackhorn'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 Jackhorn 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
Jackhorn, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$237
Ownwell’s JACKHORN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in JACKHORN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JACKHORN 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 Jackhorn, Kentucky
Property taxes in Jackhorn, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jackhorn is 0.67%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Jackhorn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jackhorn 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 Jackhorn's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41825 zip code has the highest median property tax rate of 0.67%, while the same zip code also has the lowest median tax rate of 0.67%. Understanding how these cities compare with Jackhorn 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 Jackhorn 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 Jackhorn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41825 | 0.23% | 1.45% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Jackhorn, Kentucky
In Jackhorn, 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 Jackhorn, 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 Jackhorn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41825 has both the highest and lowest median tax bill at $119.
Average Jackhorn Assessed Value
$16,250
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 Jackhorn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41825 | $1,900 | $5,000 | $16,250 | $35,000 | $55,050 |
Source: Ownwell
Property Tax Bills Across Jackhorn, Kentucky
In Jackhorn, Kentucky, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor's office. The median home price in Jackhorn is $16,250. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For homeowners in Jackhorn, tax bills can vary significantly. The 25th percentile tax bill is $47, while the 75th percentile tax bill rises to $347. At the 90th percentile, the tax bill can reach up to $651. This variation highlights how different property values and assessments can impact the amount owed. Compared to the national median property tax rate of 0.99%, Jackhorn's property taxes are relatively low, which can be advantageous for homeowners, making property ownership more affordable in this region.
Average Jackhorn Tax Bill
$119
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jackhorn, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41825 | $15 | $47 | $119 | $347 | $651 |
Source: Ownwell