Knob Lick, Kentucky Property Taxes
The median property tax rate in Knob Lick, KY is 1.03%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $52,000 in Knob Lick, the typical annual property tax bill amounts to $502, which is significantly lower than the national median of $2,690. Property taxes in Knob Lick are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Knob Lick'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 Knob Lick or another part of Metcalfe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Knob Lick, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$536
Ownwell’s Knob Lick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knob Lick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knob Lick 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 Knob Lick, Kentucky
Property taxes in Knob Lick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knob Lick is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Knob Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knob Lick 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 Knob Lick's effective property tax rate to other areas and the national median. For comparison, the zip code 42154 has both the highest and lowest median property tax rate of 1.03%. Understanding how these areas compare with Knob Lick provides valuable insights into the varying tax landscape across Metcalfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knob Lick Tax Rate
1.03%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knob Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42154 | 0.48% | 1.00% | 1.03% | 1.07% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Knob Lick, Kentucky
In Knob Lick, 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 Metcalfe County Property Valuation Administrator 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 Knob Lick, 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. The median home price here is $52,000, with tax bills ranging from $259 at the 25th percentile to $1,457 at the 90th percentile. The highest and lowest median tax bills both stand at $502 in the 42154 zip code. Being aware of these valuation processes in Knob Lick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Knob Lick Assessed Value
$52,000
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knob Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42154 | $11,248 | $28,000 | $52,000 | $89,100 | $142,800 |
Source: Ownwell
Property Tax Bills Across Knob Lick, Kentucky
In Knob Lick, located in Metcalfe County, KY, property tax bills are determined by assessing the market value of a home and applying the local tax rate. For instance, with a median home price of $52,000, homeowners can expect varying tax bills based on assessments and exemptions. The tax bill for the 25th percentile is around $259, while those in the 75th percentile might see bills closer to $899. The 90th percentile tax bill can reach up to $1,457. This range demonstrates how factors such as property size, location, and improvements can influence the final tax amount. Compared to the national median property tax rate of 0.99%, Knob Lick's rates provide a relatively affordable tax environment, impacting homeowners by keeping annual costs lower. Understanding these factors can help homeowners better anticipate their financial responsibilities and plan accordingly.
Average Knob Lick Tax Bill
$502
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Knob Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42154 | $110 | $259 | $502 | $899 | $1,457 |
Source: Ownwell