Scalf, Kentucky Property Taxes
The median property tax rate in Scalf, Kentucky is 1.28%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Scalf, the typical annual property tax bill reaches $145, which is significantly lower than the national median of $2,690. Property taxes in Scalf are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Scalf'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 Scalf or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Scalf, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$134
Ownwell’s SCALF Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SCALF with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SCALF 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 Scalf, Kentucky
Property taxes in SCALF, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SCALF is 0.64%, significantly lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within SCALF set these rates annually, and they can vary significantly across different neighborhoods. Each year, SCALF 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 SCALF's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40982 zip code has the highest median property tax rate of 0.64%, while the 40982 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with SCALF provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scalf Tax Rate
1.28%
Average Knox County Tax Rate
1.14%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scalf, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40982 | 1.08% | 1.13% | 1.28% | 1.70% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Scalf, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in SCALF, Kentucky. 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 local 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 SCALF, 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 SCALF 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 $145 in the 40982 zip code, which is also the lowest median tax bill, reflecting a relatively uniform property tax landscape.
Average Scalf Assessed Value
$10,500
Average Knox County Assessed Value
$35,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scalf, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40982 | $3,000 | $4,750 | $10,500 | $31,000 | $50,320 |
Source: Ownwell
Property Tax Bills Across Scalf, Kentucky
In SCALF, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the market value of the property. Homeowners in Knox County can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $78, while the 75th percentile tax bill reaches $381. At the higher end, the 90th percentile tax bill can be as much as $556. These tax bills are influenced by several factors, including the assessed value of the property and the local tax rate. The median home price in SCALF stands at $10,500, which is significantly lower than the national median home price. This lower market value generally results in lower property tax bills compared to the national median property tax rate of 0.99%. Despite these lower values, property taxes remain a crucial consideration for homeowners, impacting their overall cost of living and financial planning.
Average Scalf Tax Bill
$145
Average Knox County Tax Bill
$358
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Scalf, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40982 | $51 | $78 | $145 | $381 | $556 |
Source: Ownwell