Sitka, Kentucky Property Taxes
The median property tax rate in Sitka, KY is 1.01%, slightly higher than the national median of 0.99% but just below the Kentucky state median of 1.02%. With a median home value of $41,000 in Sitka, the typical annual property tax bill amounts to $303, which is significantly lower than the national median of $2,690. Property taxes in Sitka are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Sitka'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 Sitka 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
Sitka, 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 Sitka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sitka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sitka 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 Sitka, Kentucky
Property taxes in Sitka, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sitka is 1.01%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Sitka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sitka 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 Sitka's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41255 zip code has the highest median property tax rate of 1.01%, while the lowest median tax rate also stands at 1.01%. Understanding how these cities compare with Sitka provides valuable insights into the varying tax landscape across Johnson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sitka Tax Rate
1.01%
Average Johnson County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sitka, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41255 | 0.15% | 0.41% | 1.01% | 1.06% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Sitka, Kentucky
In Sitka, 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 Johnson 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 Sitka, 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 Sitka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is found in the 41255 zip code, with a value of $303.00.
Average Sitka Assessed Value
$41,000
Average Johnson County Assessed Value
$56,700
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sitka, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41255 | $10,000 | $22,000 | $41,000 | $75,750 | $125,000 |
Source: Ownwell
Property Tax Bills Across Sitka, Kentucky
In Sitka, Kentucky, property tax bills are calculated based on the assessed value of a home rather than its market value. The assessed value is determined by local tax authorities and is a key factor in calculating the final tax bill. Homeowners in Sitka can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $124 and the 75th percentile tax bill reaching $602. For those at the higher end, the 90th percentile tax bill is $1,087. These figures indicate that property taxes in Sitka can have a considerable impact on homeowners, potentially affecting their financial planning and budgeting. Compared to the national median property tax rate of 0.99%, the range of tax bills in Sitka reflects the variability in property assessments and local tax rates. The highest median tax bill in the area is $303, found in the 41255 zip code. This variability underscores the importance of understanding local property tax assessments to anticipate financial obligations accurately.
Average Sitka Tax Bill
$303
Average Johnson County Tax Bill
$379
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sitka, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41255 | $43 | $124 | $303 | $602 | $1,087 |
Source: Ownwell