Clay City, Kentucky Property Taxes
The median property tax rate in Clay City, KY is 0.90%, slightly below the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Clay City at $35,000, the typical annual property tax bill is $239, significantly lower than the national median of $2,690. Property taxes in Clay City 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 Clay City's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Clay City or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Clay City, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$315
Ownwell’s Clay City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Clay City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Clay City 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 Clay City, Kentucky
Property taxes in Clay City, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Clay City is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Clay City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Clay City 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. Understanding how these cities compare with Clay City provides valuable insights into the varying tax landscape across Powell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Clay City Tax Rate
0.90%
Average Powell County Tax Rate
0.90%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Clay City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40312 | 0.47% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Clay City, Kentucky
In Clay City, 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 Powell 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 Clay City, 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. For instance, the median home price in Clay City is $35,000. 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 Clay City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $239, found in zip code 40312.
Average Clay City Assessed Value
$35,000
Average Powell County Assessed Value
$40,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Clay City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40312 | $5,000 | $12,000 | $35,000 | $73,500 | $143,050 |
Source: Ownwell
Property Tax Bills Across Clay City, Kentucky
In Clay City, located in Powell County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $35,000. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, the tax bill can range significantly, with the 25th percentile at $90 and the 75th percentile at $628, reflecting variations in property values and tax rates. Several factors influence the property tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. Homeowners in Clay City may experience varying tax burdens, with those in the 90th percentile facing bills as high as $1,274. Compared to the national median property tax rate of 0.99%, the rates in this region can be relatively low, making it an attractive option for property investment. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Clay City Tax Bill
$239
Average Powell County Tax Bill
$302
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Clay City, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40312 | $36 | $90 | $239 | $628 | $1,274 |
Source: Ownwell