40701 Property Tax Rate

Property owners in ZIP code 40701 (Corbin, Kentucky) pay a median of $1,035/year in property taxes on homes valued at $162,500. This translates to an effective tax rate of 0.64%, which is 15% below the Kentucky state average of 0.75%.

The monthly property tax burden for a median-valued home in 40701 is approximately $86, which factors into escrow payments on mortgages. This ZIP code is located within Whitley County.

Compared to similar ZIP codes in Kentucky, 40701 has lower property taxes. ZIP codes with similar effective rates include 40962 (0.64%) and 42784 (0.64%).

In Corbin, property taxes represent approximately 2.2% of the median household income of $47,288, providing context for the relative tax burden on homeowners in this area.

Kentucky reassesses property to market value at purchase with no cap on future increases — the Whitley County Property Valuation Administrator will establish your new assessed value based on the sale price and comparable properties. Whitley County offers homestead exemptions for owner-occupied homes and senior/disabled relief programs; file with the Whitley County PVA before the annual deadline (typically April–June) to claim your exemption. Contact the Whitley County Property Valuation Administrator immediately after closing to request exemption forms and learn your county's specific exemption amount.