Vincent, Kentucky Property Taxes
The median property tax rate in Vincent, KY is 1.39%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Vincent at $45,600, the typical annual property tax bill reaches $153, which is significantly lower than the national median of $2,690. Property taxes in Vincent 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 Vincent'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 Vincent 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
Vincent, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$634
Ownwell’s Vincent Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vincent with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vincent 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 Vincent, Kentucky
Property taxes in Vincent, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vincent is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Vincent set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vincent 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 Vincent's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41386 zip code has the highest median property tax rate of 1.39%, while the 41386 zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Vincent provides valuable insights into the varying tax landscape across Owsley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vincent Tax Rate
1.39%
Average Owsley County Tax Rate
1.39%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vincent, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41386 | 0.40% | 0.77% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Vincent, Kentucky
In Vincent, 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 Owsley 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 Vincent, 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 Vincent helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Vincent are both $153, found in the zip code 41386.
Average Vincent Assessed Value
$45,600
Average Owsley County Assessed Value
$36,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vincent, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41386 | $17,920 | $28,300 | $45,600 | $90,300 | $117,120 |
Source: Ownwell
Property Tax Bills Across Vincent, Kentucky
In Vincent, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the home's market value, which is determined by the county assessor. For example, with a median home price of $45,600, the assessed value plays a crucial role in calculating the final tax bill. Local tax rates in Vincent can vary, but they are applied uniformly to the assessed value to determine the annual property tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, thereby affecting the tax amount. Homeowners in Vincent experience a range of property tax bills. At the 25th percentile, the tax bill is around $112, while at the 75th percentile, it rises to $1,017. The 90th percentile sees tax bills as high as $1,536. These variations highlight the impact of property assessments and local tax rates on homeowners, influencing their annual financial obligations significantly.
Average Vincent Tax Bill
$153
Average Owsley County Tax Bill
$355
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Vincent, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41386 | $88 | $112 | $153 | $1,017 | $1,536 |
Source: Ownwell