Salt Lick, Kentucky Property Taxes
The median property tax rate in Salt Lick, KY is 1.17%, notably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Salt Lick, the typical annual property tax bill reaches $498, which is significantly lower than the national median of $2,690. Property taxes in Salt Lick are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Salt Lick'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 Salt Lick 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
Salt Lick, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$643
Ownwell’s Salt Lick Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Salt Lick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salt Lick 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 Salt Lick, Kentucky
Property taxes in Salt Lick, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salt Lick is 1.17%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Salt Lick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salt Lick 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 Salt Lick's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40371 zip code has the highest median property tax rate of 1.17%, while the 40371 zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Salt Lick provides valuable insights into the varying tax landscape across Bath County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salt Lick Tax Rate
1.17%
Average Bath County Tax Rate
1.17%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salt Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40371 | 0.37% | 0.74% | 1.17% | 1.17% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Salt Lick, Kentucky
In Salt Lick, 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 Bath 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 Salt Lick, 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 Salt Lick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Salt Lick Assessed Value
$55,000
Average Bath County Assessed Value
$55,200
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salt Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40371 | $10,000 | $25,000 | $55,000 | $99,600 | $151,510 |
Source: Ownwell
Property Tax Bills Across Salt Lick, Kentucky
In Salt Lick, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $55,000, the tax bill can vary significantly. Factors influencing the tax bill include the property's assessed value, the local tax rate, and any applicable exemptions. For instance, the 25th percentile tax bill is around $215, while the 75th percentile reaches $946. The highest median tax bill recorded in the area is $498, with the lowest also being $498, both in the 40371 ZIP code. Compared to the national median property tax rate of 0.99%, Salt Lick's property tax rate can impose a relatively moderate financial burden on homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Salt Lick Tax Bill
$498
Average Bath County Tax Bill
$496
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Salt Lick, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40371 | $93 | $215 | $498 | $946 | $1,500 |
Source: Ownwell