Seco, Kentucky Property Taxes
The median property tax rate in SECO, KY is 1.46%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in SECO, the typical annual property tax bill reaches $95, falling well below the national median of $2,690. Property taxes in SECO are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding SECO'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 SECO 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
Seco, 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 SECO Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in SECO with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in SECO to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Letcher County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Seco, Kentucky
Property taxes in SECO, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SECO is 1.46%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within SECO set these rates annually, and they can vary significantly across different neighborhoods. Each year, SECO 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 SECO's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 41849 has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these areas compare with SECO provides valuable insights into the varying tax landscape across Letcher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Seco Tax Rate
1.46%
Average Letcher County Tax Rate
1.46%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41849 | 0.73% | 1.46% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Seco, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in SECO, 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 Letcher 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 SECO, 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 SECO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in SECO is $8,500, with tax bills ranging from $44 at the 25th percentile to $447 at the 90th percentile.
Average Seco Assessed Value
$8,500
Average Letcher County Assessed Value
$23,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Seco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41849 | $1,900 | $3,000 | $8,500 | $27,000 | $45,000 |
Source: Ownwell
Property Tax Bills Across Seco, Kentucky
In SECO, located in Letcher County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and reflects the market value of the property. Homeowners in SECO can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $44, while at the 75th percentile, it rises to $291. At the 90th percentile, homeowners may see tax bills as high as $447. These variations are influenced by several factors, including the property's location, size, and condition. Compared to the national median property tax rate of 0.99%, SECO's property tax rates can have a notable impact on homeowners. Lower tax bills might be appealing for those looking to purchase property in the area, while higher tax bills could affect the affordability of homeownership. Understanding these factors and how they influence property tax bills is crucial for homeowners planning their finances.
Average Seco Tax Bill
$95
Average Letcher County Tax Bill
$199
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Seco, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41849 | $29 | $44 | $95 | $291 | $447 |
Source: Ownwell