Silver Grove, Kentucky Property Taxes
The median property tax rate in Silver Grove, KY is 1.25%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Silver Grove at $88,400, the typical annual property tax bill reaches $1,000, which is below the national median of $2,690. Property taxes in Silver Grove 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 Silver Grove'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 Silver Grove 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
Silver Grove, Kentucky Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$2,040
Ownwell’s Silver Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Grove 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 Silver Grove, Kentucky
Property taxes in Silver Grove, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Grove is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Silver Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Grove 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 Silver Grove's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41085 zip code has the highest median property tax rate of 1.25%, while it also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Silver Grove provides valuable insights into the varying tax landscape across Campbell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silver Grove Tax Rate
1.25%
Average Campbell County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41085 | 0.69% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Silver Grove, Kentucky
In Silver Grove, 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 Campbell 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 Silver Grove, 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 Silver Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,000, found in zip code 41085.
Average Silver Grove Assessed Value
$88,400
Average Campbell County Assessed Value
$157,900
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silver Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41085 | $36,360 | $63,950 | $88,400 | $110,000 | $130,000 |
Source: Ownwell
Property Tax Bills Across Silver Grove, Kentucky
In Silver Grove, located in Campbell County, KY, property tax bills are calculated based on the assessed value of the home. The median home price in Silver Grove is $88,400. Property taxes are determined by local tax rates applied to this assessed value. For instance, homeowners in the 25th percentile can expect to pay around $624 annually, while those in the 75th percentile might see bills closer to $1,312. At the 90th percentile, tax bills can reach up to $1,621. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions. The local tax rate in Silver Grove is relatively moderate compared to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs and overall affordability. By staying informed, homeowners can better anticipate their property tax obligations and manage their finances accordingly.
Average Silver Grove Tax Bill
$1,000
Average Campbell County Tax Bill
$1,294
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Grove, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41085 | $155 | $624 | $1,000 | $1,312 | $1,621 |
Source: Ownwell