Debord, Kentucky Property Taxes
The median property tax rate in Debord, KY is 1.50%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Debord at $27,800, the typical annual property tax bill reaches $326, which is well below the national median of $2,690. Property taxes in Debord are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Debord's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Debord or another part of Martin County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Debord, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$417
Ownwell’s DEBORD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DEBORD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DEBORD 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 Debord, Kentucky
Property taxes in Debord, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Debord is 0.73%, which is lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Debord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Debord 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 Debord's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the county is 0.73%, while the lowest median tax rate is also 0.73%. Understanding how these cities compare with Debord provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Debord Tax Rate
1.50%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Debord, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41214 | 0.37% | 0.72% | 1.50% | 1.88% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Debord, Kentucky
In DEBORD, 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 Martin 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 DEBORD, 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 DEBORD helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $326.00, observed in zip code 41214, which also has the lowest median tax bill.
Average Debord Assessed Value
$27,800
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Debord, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41214 | $6,500 | $12,750 | $27,800 | $58,125 | $92,800 |
Source: Ownwell
Property Tax Bills Across Debord, Kentucky
In Debord, KY, property tax bills are calculated based on the assessed value of a home and the applicable tax rate. The median home price in Debord is $27,800, which is significantly lower than the national median. This lower home value results in relatively modest property tax bills compared to the national average. For instance, homeowners at the 25th percentile pay around $137 annually, while those at the 75th percentile face a tax bill of $590. Even at the 90th percentile, the tax bill reaches $1,094, which remains affordable. The tax bill is influenced by several factors including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. These factors combined determine the final amount homeowners owe. Despite the lower property values, the impact on homeowners is still significant as it directly affects their annual financial planning and overall cost of living. In Martin County, where Debord is located, the highest median tax bill recorded is $326, making it a relatively affordable area for property taxes.
Average Debord Tax Bill
$326
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Debord, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41214 | $105 | $137 | $326 | $590 | $1,094 |
Source: Ownwell