Rockholds, Whitley County, Kentucky Property Taxes
The median property tax rate in Rockholds, KY is 0.75%, notably lower than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $24,600 in Rockholds, the typical annual property tax bill is around $150, significantly below the national median of $2,690. Property taxes in Rockholds are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rockholds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rockholds or another part of Whitley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockholds, Whitley County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$185
$171
Ownwell’s Rockholds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockholds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockholds 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 Rockholds, Whitley County, Kentucky
Property taxes in Rockholds, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockholds is 0.75%, lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Rockholds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockholds 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 Rockholds' effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40759 zip code has the highest median property tax rate of 0.75%, while the 40759 zip code has the lowest median tax rate of 0.75%. Understanding how these cities compare with Rockholds provides valuable insights into the varying tax landscape across Whitley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockholds Tax Rate
0.75%
Average Whitley County Tax Rate
0.75%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockholds, Whitley County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40759 | 0.32% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Rockholds, Whitley County, Kentucky
In Rockholds, 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. 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 Rockholds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 40759 has the highest and lowest median tax bills, both at $150.
Property Tax Assessment Values Across Rockholds, Whitley County, Kentucky
Source: Ownwell
$12,000
$32,750
$53,500
Average Rockholds Assessed Value
$24,600
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 Rockholds, Whitley County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40759 | $2,253 | $7,000 | $24,600 | $60,100 | $121,720 |
Source: Ownwell
Property Tax Bills Across Rockholds, Whitley County, Kentucky
In Rockholds, located in Whitley County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in Rockholds stands at $24,600. To determine the tax bill, the local tax rate is applied to the assessed value of the property. For instance, if your home is assessed at the median price, your property tax bill would be calculated accordingly. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Rockholds can expect their tax bills to vary significantly. The 25th percentile tax bill is $54, while the 75th percentile tax bill is $397. At the high end, the 90th percentile tax bill reaches $754. This range illustrates the variability in property taxes based on property values and assessments. Compared to the national median property tax rate of 0.99%, Rockholds offers relatively affordable property taxes, which can be a significant advantage for homeowners looking to manage their expenses effectively.
Average Rockholds Tax Bill
$150
Average Whitley County Tax Bill
$170
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockholds, Whitley County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40759 | $23 | $54 | $150 | $397 | $754 |
Source: Ownwell