Mount Sherman, Kentucky Property Taxes
The median property tax rate in Mount Sherman, 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 $70,000 in Mount Sherman, the typical annual property tax bill is approximately $502, significantly lower than the national median of $2,690. Property taxes in Mount Sherman 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 Mount Sherman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mount Sherman or another part of Larue County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Sherman, 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 Mount Sherman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Sherman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Sherman 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 Mount Sherman, Kentucky
Property taxes in Mount Sherman, Kentucky, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Mount Sherman is 0.83%, which is lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Mount Sherman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Sherman 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 Mount Sherman's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42764 zip code has the highest median property tax rate of 0.83%, while the 42764 zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Mount Sherman provides valuable insights into the varying tax landscape across Larue County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Sherman Tax Rate
1.01%
Average Larue County Tax Rate
0.98%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Sherman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42764 | 0.32% | 0.60% | 1.01% | 1.07% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Mount Sherman, Kentucky
In Mount Sherman, 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 Larue 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 Mount Sherman, 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 Mount Sherman 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 $502 in the 42764 zip code, which also has the lowest median tax bill, highlighting the uniformity in tax bills within this region.
Average Mount Sherman Assessed Value
$70,000
Average Larue County Assessed Value
$95,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Sherman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42764 | $4,400 | $27,000 | $70,000 | $120,000 | $177,400 |
Source: Ownwell
Property Tax Bills Across Mount Sherman, Kentucky
In the city of Mount Sherman, located in Larue County, KY, property tax bills are calculated based on the assessed value of your home. The local government assesses the value of properties to determine the amount of tax owed. Factors influencing this assessment include the home's market value, location, and any improvements made to the property. Homeowners in Mount Sherman experience a range of property tax bills. For instance, the 25th percentile tax bill is approximately $156, while the 75th percentile tax bill reaches up to $1,017. At the higher end, the 90th percentile tax bill can be around $1,395. The median tax bill in the area is $502, which is significantly lower than the national median property tax rate of 0.99%. These tax bills impact homeowners by influencing their annual expenses and overall affordability of homeownership. Lower property taxes can make owning a home more accessible, whereas higher taxes may require more careful financial planning.
Average Mount Sherman Tax Bill
$502
Average Larue County Tax Bill
$717
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Sherman, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42764 | $55 | $156 | $502 | $1,017 | $1,395 |
Source: Ownwell