Honeybee, Kentucky Property Taxes
The median property tax rate in Honeybee, KY is 0.82%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Honeybee, the typical annual property tax bill is $65, significantly below the national median of $2,690. Property taxes in Honeybee 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 Honeybee'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 Honeybee or another part of McCreary County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Honeybee, 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 Honeybee Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Honeybee with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Honeybee to provide an accurate estimate of your property tax bill. This valuable tool offers clarity on your potential tax liabilities, helping you make informed decisions. For those keen on exploring trends at a more granular level, additional localized information is available further down the page. Your property’s assessed value, determined by McCreary County for tax purposes, includes any applicable exemptions, ensuring a precise calculation.
Property Tax Rates Across Honeybee, Kentucky
Property taxes in Honeybee, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Honeybee is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Honeybee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Honeybee 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 Honeybee's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42634 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Honeybee provides valuable insights into the varying tax landscape across McCreary County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Honeybee Tax Rate
0.82%
Average Mccreary County Tax Rate
0.82%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Honeybee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | 0.30% | 0.41% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Honeybee, Kentucky
In Honeybee, 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 McCreary 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 Honeybee, 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 Honeybee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills range significantly, with the 25th percentile at $50 and the 90th percentile reaching $335, reflecting the diverse property values within the area.
Average Honeybee Assessed Value
$16,500
Average Mccreary County Assessed Value
$37,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Honeybee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $3,750 | $6,875 | $16,500 | $34,500 | $46,500 |
Source: Ownwell
Property Tax Bills Across Honeybee, Kentucky
In Honeybee, located in McCreary County, KY, property tax bills are calculated based on the assessed value of the property. The local tax rate is applied to this assessed value to determine the annual tax obligation. Factors such as the property's market value, location, and any applicable exemptions or abatements are considered in the assessment process. For homeowners in Honeybee, the tax burden can vary significantly. The 25th percentile of tax bills is around $50, while the 75th percentile reaches $164, and the 90th percentile climbs to $335. This range highlights the disparities in property values and tax rates within the area. Comparatively, the national median property tax rate is 0.99%, and Honeybee's rates can be seen as relatively modest. However, for homeowners, even modest tax bills can impact their financial planning and overall cost of homeownership. Understanding how these taxes are calculated and what factors influence them is crucial for effective financial management and long-term planning.
Average Honeybee Tax Bill
$65
Average Mccreary County Tax Bill
$204
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Honeybee, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42634 | $29 | $50 | $65 | $164 | $335 |
Source: Ownwell