Corbin, Laurel County, Kentucky Property Taxes
Median Corbin, KY effective property tax rate: 0.79%, significantly lower than the national median of 1.02%, but lower than the Kentucky state median of 1.02%.
Median Corbin, KY home value: $55,000
Median annual Corbin, KY tax bill: $361, $2,039 lower than the national median property tax bill of $2,400.
How are property taxes in Laurel calculated?
Property taxes in Corbin, KY are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Corbin’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Corbin, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Corbin, Laurel County, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.79%
Estimate Property Tax Bill
$435
$403
Property Tax Rates Across Corbin, Laurel County, Kentucky
Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.
In Corbin, located in Laurel County, Kentucky, the effective property tax rate is 0.79%. This is significantly lower than the national median property tax rate of 1.02%, offering residents a more affordable property tax bill compared to the national average. The median property tax rate in Kentucky aligns with Corbin's rate, reflecting a consistent tax environment within the state.
For homeowners in Corbin, this means potential savings on property taxes, making it an attractive location for property investment. By understanding these rates, residents can make informed decisions about property ownership and take advantage of appealing opportunities in the Kentucky real estate market.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Corbin Tax Rate
0.79%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Laurel County Tax Rate
0.79%
Median Effective Kentucky Tax Rate
1.02%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Corbin, Laurel County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | 0.46% | 0.79% | 0.79% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Corbin, Laurel County, Kentucky
When examining property taxes in Corbin, KY, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Laurel County Property Valuation Administrator estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Laurel County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Corbin.
For example, the median home price in Corbin is $55,000, with tax bills ranging significantly across the county. Zip code 40701 has the highest median home price at $55,000.
Property Tax Assessment Values Across Corbin, Laurel County, Kentucky
Source: Ownwell
$37,500
$61,925
$86,350
Median Corbin Market Value
$55,000
Median Laurel County Market Value
$60,000
Median Kentucky Market Value
$110,000
Median United States Market Value
$235,294
Property Tax Assessment Values Across Corbin, Laurel County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $6,000 | $15,500 | $55,000 | $120,000 | $174,000 |
Source: Ownwell
Property Tax Bills Across Corbin, Laurel County, Kentucky
Median Corbin Tax Bill
$361
Median Laurel County Tax Bill
$396
Median Kentucky Tax Bill
$1,031
Median United States Tax Bill
$2,400
Property Tax Bills Across Corbin, Laurel County, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40701 | $40 | $103 | $361 | $870 | $1,345 |
Source: Ownwell