Tomahawk, Kentucky Property Taxes
The median property tax rate in Tomahawk, KY is 1.36%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Tomahawk at $28,000, the typical annual property tax bill reaches $245, which is significantly below the national median of $2,690. Property taxes in Tomahawk 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 Tomahawk'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 Tomahawk 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
Tomahawk, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$381
Ownwell’s Tomahawk Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Tomahawk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tomahawk 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 Tomahawk, Kentucky
Property taxes in Tomahawk, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tomahawk is 0.74%, significantly lower than the U.S. national median of 0.99%. Local government entities within Tomahawk set these rates annually, and they can vary across different neighborhoods. Each year, Tomahawk 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 Tomahawk's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41262 ZIP code has the highest median property tax rate of 0.74%, while the same ZIP code also has the lowest median tax rate of 0.74%. Understanding how these areas compare with Tomahawk 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 Tomahawk Tax Rate
1.36%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tomahawk, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41262 | 0.34% | 0.60% | 1.36% | 1.78% | 2.87% |
Source: Ownwell
Property Tax Assessment Values Across Tomahawk, Kentucky
In Tomahawk, 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 Tomahawk, 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 Tomahawk 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 $245.00 in zip code 41262, while the lowest is also $245.00 in the same zip code.
Average Tomahawk Assessed Value
$28,000
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 Tomahawk, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41262 | $5,000 | $12,500 | $28,000 | $54,000 | $88,000 |
Source: Ownwell
Property Tax Bills Across Tomahawk, Kentucky
In Tomahawk, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local government assessors who evaluate the market value of the property. Once the property is assessed, the tax rate, set by the local taxing authorities, is applied to this value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and condition. In Tomahawk, the median home price is $28,000. Homeowners in the 25th percentile pay around $105 annually, while those in the 75th percentile face bills closer to $562. For the top 10% of property taxpayers, bills can reach up to $986. These property taxes fund essential public services like education, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Tomahawk’s rates can be considered relatively modest, providing some financial relief to homeowners in the area.
Average Tomahawk Tax Bill
$245
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Tomahawk, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41262 | $105 | $105 | $245 | $562 | $986 |
Source: Ownwell