Sizerock, Kentucky Property Taxes
The median property tax rate in Sizerock, Kentucky is 1.40%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Sizerock, the typical annual property tax bill reaches $293, falling below the national median of $2,690. Property taxes in Sizerock 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 Sizerock'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 Sizerock 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
Sizerock, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$441
Ownwell’s Sizerock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sizerock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sizerock 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 Sizerock, Kentucky
Property taxes in Sizerock, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sizerock is 1.40%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sizerock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sizerock 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 Sizerock's effective property tax rate to other areas and the national median. For comparison, the 41762 zip code has both the highest and lowest median property tax rate of 1.40%. Understanding how these cities compare with Sizerock provides valuable insights into the varying tax landscape across Leslie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sizerock Tax Rate
1.40%
Average Leslie County Tax Rate
1.40%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sizerock, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41762 | 0.16% | 1.02% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Sizerock, Kentucky
In Sizerock, 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 Leslie 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. 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 Sizerock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Sizerock is $31,500, with the highest median tax bill in the 41762 zip code at $293.00.
Average Sizerock Assessed Value
$31,500
Average Leslie County Assessed Value
$28,300
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sizerock, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41762 | $2,975 | $13,219 | $31,500 | $52,250 | $75,900 |
Source: Ownwell
Property Tax Bills Across Sizerock, Kentucky
In Sizerock, located in Leslie County, KY, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Homeowners in Sizerock experience a range of tax bills. For example, the tax bill at the 25th percentile is $79, while at the 75th percentile, it rises to $518. At the 90th percentile, homeowners can expect a tax bill of around $858. The highest median tax bill in the area is $293, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors come together helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Sizerock Tax Bill
$293
Average Leslie County Tax Bill
$267
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sizerock, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41762 | $17 | $79 | $293 | $518 | $858 |
Source: Ownwell