Kimper, Kentucky Property Taxes
The median property tax rate in Kimper, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Kimper at $32,700, the typical annual property tax bill reaches $280, which is below the national median of $2,690. Property taxes in Kimper 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 Kimper'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 Kimper or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kimper, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$448
Ownwell’s Kimper Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kimper with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kimper 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 Kimper, Kentucky
Property taxes in Kimper, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kimper is 0.67%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Kimper set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kimper 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 Kimper's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41539 zip code has both the highest and lowest median property tax rate of 0.67%. Understanding how these cities compare with Kimper provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kimper Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kimper, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41539 | 0.15% | 0.41% | 1.37% | 1.50% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Kimper, Kentucky
Understanding the distinction between "market value" and "assessed value" is essential for comprehending property taxes in Kimper, Kentucky. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Pike 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 Kimper, 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 Kimper helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 41539 has both the highest and lowest median tax bill at $280.
Average Kimper Assessed Value
$32,700
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kimper, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41539 | $3,000 | $12,000 | $32,700 | $60,000 | $92,300 |
Source: Ownwell
Property Tax Bills Across Kimper, Kentucky
In Kimper, KY, property tax bills are calculated based on the assessed value of a property. The median home price in this area is $32,700. To determine the tax bill, the local tax rate is applied to this assessed value. For instance, homeowners in the 25th percentile can expect a tax bill of around $48, while those in the 75th percentile might see bills closer to $661. At the higher end, the 90th percentile tax bill reaches $1,204. Several factors influence these tax bills, including property location, size, and any applicable exemptions. Homeowners in Kimper should be aware that while their property tax bills may seem relatively low compared to the national median property tax rate of 0.99%, these taxes still represent a significant portion of their annual expenses. Understanding how these factors interplay can help homeowners better anticipate and manage their tax obligations.
Average Kimper Tax Bill
$280
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Kimper, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41539 | $48 | $48 | $280 | $661 | $1,204 |
Source: Ownwell