Corbin, Kentucky Property Taxes
The median property tax rate in Corbin, KY is 0.34%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Corbin at $53,500, the typical annual property tax bill is $207, well below the national median of $2,690. Property taxes in Corbin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Corbin'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 Corbin 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
Corbin, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$182
Ownwell’s Corbin Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Corbin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corbin to estimate your property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in observing trends on a neighborhood level, additional localized information is available by scrolling down. Your property’s assessed value is the value assigned by Whitley County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Corbin, Kentucky
Property taxes in Corbin, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Corbin is 0.34%, significantly lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Corbin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corbin 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 Corbin's effective property tax rate to other counties in Kentucky and the national median. Understanding how Corbin compares with other cities in Whitley County provides valuable insights into the varying tax landscape across the region, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corbin Tax Rate
0.34%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corbin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | 0.22% | 0.34% | 0.34% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Corbin, Kentucky
In Corbin, 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 Whitley 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 Corbin, 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 Corbin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Corbin, both at $207, are found in the 40701 zip code.
Average Corbin Assessed Value
$53,500
Average Whitley County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corbin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $5,000 | $16,500 | $53,500 | $120,000 | $195,000 |
Source: Ownwell
Property Tax Bills Across Corbin, Kentucky
In Corbin, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For homeowners in Whitley County, the median home price is $53,500. The property tax rate applied to this assessed value is a crucial factor in determining the final tax bill. Homeowners in Corbin can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $75, while the 75th percentile tax bill climbs to $489. At the 90th percentile, homeowners might see a tax bill as high as $867. Interestingly, the highest and lowest median tax bills in the area are both $207, specifically in the 40701 zip code. These tax bills directly impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, Corbin's property tax rates are relatively modest, which can be a financial relief for many residents.
Average Corbin Tax Bill
$207
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Corbin, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $27 | $75 | $207 | $489 | $867 |
Source: Ownwell