Chavies, Kentucky Property Taxes
The median property tax rate in Chavies, KY is 1.04%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $35,000 in Chavies, the typical annual property tax bill is around $350, significantly lower than the national median of $2,690. Property taxes in Chavies are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Chavies' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Chavies or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chavies, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$364
Ownwell’s Chavies Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Chavies. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Chavies to provide an accurate property tax bill estimate. This valuable tool helps you understand your potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Perry County for property tax purposes, which may include applicable exemptions.
Property Tax Rates Across Chavies, Kentucky
Property taxes in Chavies, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chavies is 0.62%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Chavies set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chavies 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 Chavies' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41727 zip code has the highest median property tax rate of 0.62%, while the 41727 zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Chavies provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chavies Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chavies, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41727 | 0.45% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Chavies, Kentucky
In Chavies, 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 Perry 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 Chavies, 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 Chavies helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41727 has both the highest and lowest median tax bill, standing at $350.
Average Chavies Assessed Value
$35,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chavies, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41727 | $3,660 | $8,000 | $35,000 | $75,000 | $100,160 |
Source: Ownwell
Property Tax Bills Across Chavies, Kentucky
In Chavies, KY, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Perry County assessor and reflects the market value of the property. Homeowners in Chavies can expect a median tax bill of around $350, which is significantly lower than the national median property tax rate of 0.99%. Various factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill is $104, while the 75th percentile tax bill can go up to $780, and at the 90th percentile, it reaches $1060. These variations highlight the impact of property characteristics and market conditions on tax assessments. For homeowners, understanding these factors is crucial as it directly affects their annual financial planning. Lower property tax rates in Chavies can make homeownership more affordable compared to other regions, providing a financial advantage to residents.
Average Chavies Tax Bill
$350
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Chavies, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41727 | $52 | $104 | $350 | $780 | $1,060 |
Source: Ownwell