Linefork, Kentucky Property Taxes
The median property tax rate in Linefork, 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 Linefork, the typical annual property tax bill reaches $116, which is significantly lower than the national median of $2,690. Property taxes in Linefork 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 Linefork'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 Linefork 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
Linefork, 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 Linefork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Linefork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Linefork 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 Linefork, Kentucky
Property taxes in Linefork, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Linefork is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Linefork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Linefork 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 Linefork's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41833 has the highest median property tax rate of 1.46%, while it also has the lowest median tax rate of 1.46%. Understanding how these areas compare with Linefork 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 Linefork 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 Linefork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41833 | 0.17% | 0.49% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Linefork, Kentucky
In Linefork, 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 Linefork, 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 Linefork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Linefork are both $116, found in zip code 41833.
Average Linefork Assessed Value
$22,500
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 Linefork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41833 | $1,920 | $5,000 | $22,500 | $37,250 | $60,000 |
Source: Ownwell
Property Tax Bills Across Linefork, Kentucky
In Linefork, located in Letcher County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors and reflects the estimated market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Linefork, the median home price is $22,500, resulting in varying tax bills across different percentiles. For instance, tax bills range from $33 at the 25th percentile to $556 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Linefork's tax bills are relatively modest, which can be beneficial for homeowners looking to manage their annual expenses. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly, ensuring they remain compliant and financially prepared for their property tax responsibilities.
Average Linefork Tax Bill
$116
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Linefork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41833 | $10 | $33 | $116 | $314 | $556 |
Source: Ownwell