Philpot, Kentucky Property Taxes
The median property tax rate in Philpot, KY is 1.04%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Philpot at $99,600, the typical annual property tax bill is $796, which is below the national median of $2,690. Property taxes in Philpot are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Philpot'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 Philpot 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
Philpot, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,036
Ownwell’s Philpot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philpot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philpot 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 Philpot, Kentucky
Property taxes in Philpot, Kentucky, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Philpot is 1.04%, higher than the U.S. national median of 0.99%. Local government entities within Philpot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philpot 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. Understanding how Philpot's effective property tax rate compares to other areas in Daviess County and the national median provides valuable insights into the varying tax landscape. This helps homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philpot Tax Rate
1.04%
Average Daviess County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philpot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42366 | 0.57% | 0.77% | 1.04% | 1.06% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Philpot, Kentucky
In Philpot, 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 Daviess County Property Valuation Administrator 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 Philpot, 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 Philpot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 42366 has the highest and lowest median tax bill, both at $796.
Average Philpot Assessed Value
$99,600
Average Daviess County Assessed Value
$110,800
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philpot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42366 | $25,000 | $40,150 | $99,600 | $174,350 | $256,440 |
Source: Ownwell
Property Tax Bills Across Philpot, Kentucky
In Philpot, KY, located in Daviess County, property tax bills are determined by the assessed value of a home combined with the local tax rate. The median home price in Philpot stands at $99,600. Property taxes in this area are calculated by applying the local tax rate to the assessed value of the home. For homeowners, this means that the amount they owe can vary significantly based on their property's assessed value and the specific tax rate applied. The tax bill can range widely, with the 25th percentile paying around $378, while those in the 75th percentile see bills closer to $1,508. At the higher end, the 90th percentile faces tax bills of approximately $2,447. These variations highlight the significant impact that property assessments and local tax rates can have on homeowners' financial obligations. Compared to the national median property tax rate of 0.99%, Philpot's property tax landscape offers a unique perspective on how local factors influence tax bills.
Average Philpot Tax Bill
$796
Average Daviess County Tax Bill
$710
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Philpot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42366 | $192 | $378 | $796 | $1,508 | $2,447 |
Source: Ownwell