Pilgrim, Kentucky Property Taxes
The median property tax rate in Pilgrim, KY is 1.36%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Pilgrim, the typical annual property tax bill reaches $234, which falls below the national median of $2,690. Property taxes in Pilgrim 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 Pilgrim'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 Pilgrim 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
Pilgrim, 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 Pilgrim Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pilgrim with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pilgrim 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 Pilgrim, Kentucky
Property taxes in Pilgrim, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pilgrim is 0.68%, significantly lower than the U.S. national median of 0.99%. Local government entities within Pilgrim set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pilgrim 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 Pilgrim's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41250 zip code has the highest median property tax rate of 0.68%, while the same 41250 zip code has the lowest median tax rate of 0.68%. Understanding how these areas compare with Pilgrim provides valuable insights into the varying tax landscape across Martin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pilgrim Tax Rate
1.36%
Average Martin County Tax Rate
1.41%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pilgrim, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41250 | 0.27% | 0.41% | 1.36% | 1.78% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Pilgrim, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pilgrim, 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 local appraisal authorities 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 Pilgrim, 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. For example, the median home price in Pilgrim is $32,938, with tax bills ranging from $105 at the 25th percentile to $810 at the 90th percentile. The highest and lowest median tax bills are found in the 41250 zip code, both at $234. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pilgrim Assessed Value
$32,938
Average Martin County Assessed Value
$33,161
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pilgrim, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41250 | $6,850 | $18,000 | $32,938 | $50,000 | $70,150 |
Source: Ownwell
Property Tax Bills Across Pilgrim, Kentucky
In Pilgrim, located in Martin County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors and reflects the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Pilgrim, the median home price is $32,938, which influences the overall tax bill. The property tax bill varies significantly across different percentiles. For instance, the 25th percentile tax bill is $105, while the 75th percentile tax bill is $498. At the 90th percentile, homeowners can expect a tax bill of $810. These figures indicate a range of property tax burdens, depending on the value of the property and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Pilgrim's property tax rates can be considered relatively moderate. This impacts homeowners by providing a manageable tax burden, making homeownership more affordable in the region.
Average Pilgrim Tax Bill
$234
Average Martin County Tax Bill
$308
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pilgrim, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41250 | $94 | $105 | $234 | $498 | $810 |
Source: Ownwell