Sacramento, Kentucky Property Taxes
The median property tax rate in Sacramento, KY is 1.06%, slightly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Sacramento at $50,000, the typical annual property tax bill is $418, which is below the national median of $2,690. Property taxes in Sacramento 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 Sacramento'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 Sacramento 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
Sacramento, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$530
Ownwell’s Sacramento Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sacramento using just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Sacramento to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, which includes any applicable exemptions.
Property Tax Rates Across Sacramento, Kentucky
Property taxes in Sacramento, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sacramento is 1.06%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Sacramento set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sacramento 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 Sacramento's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 42372 has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Sacramento provides valuable insights into the varying tax landscape across McLean County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sacramento Tax Rate
1.06%
Average Mclean County Tax Rate
1.08%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sacramento, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42372 | 0.50% | 1.06% | 1.06% | 1.17% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Sacramento, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sacramento, 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 McLean 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 Sacramento, 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. For example, the highest median tax bill in Sacramento is $418 in the 42372 zip code, while the lowest median tax bill is also $418 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sacramento Assessed Value
$50,000
Average Mclean County Assessed Value
$47,100
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sacramento, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42372 | $5,671 | $15,000 | $50,000 | $88,000 | $124,990 |
Source: Ownwell
Property Tax Bills Across Sacramento, Kentucky
In Sacramento, property tax bills are calculated based on the assessed value of your home. The local assessor determines this value, which is often a percentage of the market value. For instance, with a median home price of $50,000, the tax bill can vary significantly. Homeowners in the 25th percentile might see tax bills around $166, while those in the 75th percentile could pay up to $794. The 90th percentile reaches $1,375, reflecting the range of property values and tax rates in the area. Several factors influence the final tax bill, including local tax rates, property exemptions, and any applicable deductions. These elements collectively determine the financial burden on homeowners. Compared to the national median property tax rate of 0.99%, Sacramento's rates can vary, affecting homeowners differently based on their property's assessed value. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Sacramento Tax Bill
$418
Average Mclean County Tax Bill
$437
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sacramento, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42372 | $79 | $166 | $418 | $794 | $1,375 |
Source: Ownwell