Jeremiah, Kentucky Property Taxes
The median property tax rate in Jeremiah, 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 Jeremiah at $25,000, the typical annual property tax bill reaches $218, which is significantly lower than the national median of $2,690. Property taxes in Jeremiah 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 Jeremiah'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 Jeremiah 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
Jeremiah, 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 Jeremiah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jeremiah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jeremiah 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 Jeremiah, Kentucky
Property taxes in Jeremiah, Kentucky, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Jeremiah is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Jeremiah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jeremiah 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 Jeremiah's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41826 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 areas compare with Jeremiah 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 Jeremiah 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 Jeremiah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41826 | 0.26% | 0.80% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Jeremiah, Kentucky
In Jeremiah, 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 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 Jeremiah, 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. For example, the highest median tax bill in Jeremiah is $218.00 in the zip code 41826, while the lowest median tax bill is also $218.00 in the same zip code. 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 Jeremiah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jeremiah Assessed Value
$25,000
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 Jeremiah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41826 | $1,900 | $8,100 | $25,000 | $50,000 | $80,000 |
Source: Ownwell
Property Tax Bills Across Jeremiah, Kentucky
In Jeremiah, located in Letcher County, KY, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in Jeremiah experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $53, while the 75th percentile reaches $495, and the 90th percentile can go up to $1018. This range indicates that property taxes can differ widely depending on the specific value and characteristics of the property. Compared to the national median property tax rate of 0.99%, Jeremiah's property taxes are relatively moderate. The highest and lowest median tax bills in the area both stand at $218, indicating a level of consistency in certain zip codes. These property taxes directly affect homeowners by contributing to local services such as schools, public safety, and infrastructure, making it essential for homeowners to understand how their tax bills are determined.
Average Jeremiah Tax Bill
$218
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jeremiah, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41826 | $15 | $53 | $218 | $495 | $1,018 |
Source: Ownwell