Narrows, Kentucky Property Taxes
The median property tax rate in Narrows, KY is 0.96%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Narrows at $2,500, the typical annual property tax bill is $24, significantly lower than the national median of $2,690. Property taxes in Narrows are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Narrows' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Narrows 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
Narrows, 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 Narrows Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Narrows with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Narrows 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 Narrows, Kentucky
Property taxes in Narrows, Kentucky, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Narrows is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Narrows set these rates annually, and they can vary significantly across different neighborhoods. Each year, Narrows 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 Narrows' effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42347 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Narrows provides valuable insights into the varying tax landscape across Ohio County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Narrows Tax Rate
0.96%
Average Ohio County Tax Rate
0.96%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Narrows, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42347 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Narrows, Kentucky
In Narrows, 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 Ohio 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 Narrows, 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 Narrows helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Narrows Assessed Value
$2,500
Average Ohio County Assessed Value
$23,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Narrows, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42347 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 |
Source: Ownwell
Property Tax Bills Across Narrows, Kentucky
In Narrows, Kentucky, property tax bills are calculated based on the assessed value of a property. The process begins with the local tax assessor determining the property's assessed value, which is then subject to the local tax rate set by the county. For homeowners in Narrows, the median home price is notably low at $2,500, which significantly influences their property tax bills. In Ohio County, where Narrows is located, property tax bills are relatively modest. The tax bill at the 25th, 75th, and 90th percentiles all stand at $24, indicating a uniform and predictable tax structure. This is considerably lower than the national median property tax rate of 0.99%. The low property tax bills in Narrows can relieve homeowners of significant financial burdens, making homeownership more affordable and manageable. However, it also means that the local government may have limited revenue for public services, which can impact community resources and infrastructure development.
Average Narrows Tax Bill
$24
Average Ohio County Tax Bill
$192
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Narrows, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42347 | $24 | $24 | $24 | $24 | $24 |
Source: Ownwell