Jeff, Kentucky Property Taxes
The median property tax rate in JEFF, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in JEFF, the typical annual property tax bill reaches $156, significantly lower than the national median of $2,690. Property taxes in JEFF 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 JEFF'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 JEFF 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
Jeff, 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 JEFF Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in JEFF with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in JEFF 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 Jeff, Kentucky
Property taxes in JEFF, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in JEFF is 1.04%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within JEFF set these rates annually, and they can vary significantly across different neighborhoods. Each year, JEFF 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 JEFF's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41751 zip code has the highest median property tax rate of 1.04%, while the same 41751 zip code has the lowest median tax rate of 1.04%. Understanding how these cities compare with JEFF provides valuable insights into the varying tax landscape across Perry, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jeff 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 Jeff, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41751 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Jeff, Kentucky
In Jeff, 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 Jeff, 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 Jeff helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jeff is $156.00 in zip code 41751, while the lowest median tax bill is also $156.00 in the same zip code.
Average Jeff Assessed Value
$15,000
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 Jeff, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41751 | $3,000 | $6,000 | $15,000 | $45,875 | $131,000 |
Source: Ownwell
Property Tax Bills Across Jeff, Kentucky
Property tax bills in Jeff, located in Perry County, KY, are determined based on the assessed value of a property, which is a percentage of its market value. This assessment is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Jeff, the median home price is $15,000. Property tax bills can vary widely; for example, the tax bill at the 25th percentile is $83, while at the 75th percentile, it is $515. At the 90th percentile, it reaches $1,366. Factors that influence the tax bill include property size, location, and any applicable exemptions or deductions. These taxes significantly impact homeowners, affecting their overall housing costs. Comparing this to the national median property tax rate of 0.99%, Jeff’s property tax rates are relatively low, making it more affordable for residents. The highest and lowest median tax bills in Perry County are both $156, specifically in the zip code 41751, indicating a uniformity in tax burdens within that area.
Average Jeff Tax Bill
$156
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Jeff, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41751 | $39 | $83 | $156 | $515 | $1,366 |
Source: Ownwell