Lick Creek, Kentucky Property Taxes
The median property tax rate in Lick Creek, KY is 1.37%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Lick Creek at $27,000, the typical annual property tax bill reaches $205, which is considerably lower than the national median of $2,690. Property taxes in Lick Creek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Lick Creek'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 Lick Creek or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lick Creek, 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 Lick Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lick Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lick Creek 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 Lick Creek, Kentucky
Property taxes in Lick Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lick Creek is 1.37%, which is significantly higher than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Lick Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lick Creek 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 Lick Creek's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41540 zip code has the highest median property tax rate of 1.37%, while the 41540 zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Lick Creek provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lick Creek Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lick Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41540 | 0.16% | 0.35% | 1.37% | 1.45% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Lick Creek, Kentucky
In Lick Creek, 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 Pike County Property Valuation Administrator 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 in Lick Creek 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 Lick Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lick Creek is $205.00 in the 41540 zip code, while the lowest median tax bill is also $205.00 in the same zip code.
Average Lick Creek Assessed Value
$27,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lick Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41540 | $2,840 | $12,000 | $27,000 | $51,100 | $73,400 |
Source: Ownwell
Property Tax Bills Across Lick Creek, Kentucky
In Lick Creek, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Lick Creek is $27,000. Property taxes are then determined by applying the local tax rate to this assessed value. For example, homeowners at the 25th percentile of tax bills pay around $48 annually, while those at the 75th percentile pay approximately $687. At the 90th percentile, the tax bill can reach up to $1,032. These tax bills can significantly affect homeowners, particularly in a community where property values are relatively low compared to national averages. The highest and lowest median tax bills in the area are both $205, indicating a consistent rate across different neighborhoods within the 41540 zip code. Understanding these factors helps homeowners in Lick Creek anticipate their annual property tax obligations and budget accordingly.
Average Lick Creek Tax Bill
$205
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Lick Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41540 | $48 | $48 | $205 | $687 | $1,032 |
Source: Ownwell