Glens Fork, Kentucky Property Taxes
The median property tax rate in Glens Fork, KY is 0.97%, slightly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $60,700 in Glens Fork, the typical annual property tax bill is around $595, significantly below the national median of $2,690. Property taxes in Glens Fork are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Glens Fork'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 Glens Fork 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
Glens Fork, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$589
Ownwell’s Glens Fork Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glens Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glens Fork 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 Glens Fork, Kentucky
Property taxes in Glens Fork, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glens Fork is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Glens Fork set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glens Fork 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 Glens Fork's effective property tax rate to other areas in Russell County and the national median. For comparison, the 42741 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these areas compare with Glens Fork provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glens Fork Tax Rate
0.97%
Average Russell County Tax Rate
0.97%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glens Fork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42741 | 0.37% | 0.59% | 0.97% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Glens Fork, Kentucky
In Glens Fork, 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 Russell 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 Glens Fork, 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 Glens Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $595 in the 42741 zip code, while the lowest median tax bill is also $595 in the same zip code.
Average Glens Fork Assessed Value
$60,700
Average Russell County Assessed Value
$46,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glens Fork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42741 | $35,000 | $48,750 | $60,700 | $103,625 | $200,000 |
Source: Ownwell
Property Tax Bills Across Glens Fork, Kentucky
In Glens Fork, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the area is $60,700. Property tax rates in Glens Fork are influenced by local government budget needs and the total value of all taxable property within the county. Homeowners can expect to pay a median property tax bill of $595, which is significantly lower than the national median property tax rate of 0.99%. For homeowners in the 25th percentile, the tax bill is around $242, while those in the 75th percentile pay approximately $692. The 90th percentile sees tax bills as high as $1,918. These variations are due to differences in property values and any applicable exemptions or deductions. Understanding how these factors contribute to the overall tax bill helps homeowners better anticipate their annual financial obligations and plan accordingly.
Average Glens Fork Tax Bill
$595
Average Russell County Tax Bill
$357
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Glens Fork, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42741 | $176 | $242 | $595 | $692 | $1,918 |
Source: Ownwell