Phelps, Kentucky Property Taxes
The median property tax rate in Phelps, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Phelps at $24,000, the typical annual property tax bill reaches $163, which is significantly lower than the national median of $2,690. Property taxes in Phelps 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 Phelps'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 Phelps 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
Phelps, 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 Phelps Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phelps with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phelps 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 Phelps, Kentucky
Property taxes in Phelps, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phelps is 0.74%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Phelps set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phelps 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 Phelps' effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in Pike County is 0.74%, while the lowest median tax rate is also 0.74%. Understanding how these cities compare with Phelps 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 Phelps 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 Phelps, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41553 | 0.15% | 0.35% | 1.37% | 1.53% | 2.17% |
Source: Ownwell
Property Tax Assessment Values Across Phelps, Kentucky
In Phelps, 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 local 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 in Phelps 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. The zip code 41553 has the highest median tax bill at $163. By being aware of these valuation processes, property owners in Phelps can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Phelps Assessed Value
$24,000
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 Phelps, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41553 | $1,980 | $7,000 | $24,000 | $45,000 | $70,300 |
Source: Ownwell
Property Tax Bills Across Phelps, Kentucky
In Phelps, Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. Homeowners in Phelps can expect varying tax bills depending on the assessed value of their property. For instance, the median home price in Phelps is $24,000. Factors such as property size, location, and condition can influence the assessed value. The tax rate in Phelps is applied to this assessed value to determine the annual property tax bill. For example, the 25th percentile tax bill is $48, while the 75th percentile tax bill is $458. At the higher end, the 90th percentile tax bill reaches $895. These figures illustrate the range of property tax bills that homeowners might encounter. Compared to the national median property tax rate of 0.99%, Phelps offers a relatively affordable property tax environment, which can significantly impact homeowners by lowering their annual expenses and making homeownership more accessible.
Average Phelps Tax Bill
$163
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Phelps, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41553 | $48 | $48 | $163 | $458 | $895 |
Source: Ownwell