Phyllis, Kentucky Property Taxes
The median property tax rate in Phyllis, 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 Phyllis, the typical annual property tax bill reaches $109, which is significantly lower than the national median of $2,690. Property taxes in Phyllis 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 Phyllis'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 Phyllis 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
Phyllis, 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 Phyllis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phyllis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phyllis 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 Phyllis, Kentucky
Property taxes in Phyllis, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phyllis is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Phyllis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phyllis 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 Phyllis's effective property tax rate to other areas and the national median. For comparison, the zip code 41554 has both the highest and lowest median property tax rate of 1.37%. Understanding how these areas compare with Phyllis 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 Phyllis 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 Phyllis, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41554 | 0.13% | 0.23% | 1.37% | 1.49% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Phyllis, Kentucky
In Phyllis, 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 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 Phyllis, 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. The median home price in Phyllis is $28,500, with tax bills ranging from $48 at the 25th percentile to $828 at the 90th percentile. The highest and lowest median tax bill, both $109, are found in the 41554 zip code. 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 Phyllis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Phyllis Assessed Value
$28,500
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 Phyllis, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41554 | $2,000 | $8,000 | $28,500 | $45,525 | $74,730 |
Source: Ownwell
Property Tax Bills Across Phyllis, Kentucky
In Phyllis, KY, property tax bills are calculated based on the assessed value of the property, which is determined by the Pike County Assessor. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Phyllis, the median home price is $28,500. The tax bills can vary significantly, with the 25th percentile tax bill being $48 and the 75th percentile reaching $485. At the 90th percentile, homeowners might see a tax bill as high as $828. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The tax rate in Phyllis is relatively low compared to the national median property tax rate of 0.99%. This means that while the tax burden may seem manageable, it can still impact homeowners, especially those on fixed incomes or with lower-value properties. By understanding these factors, homeowners can better anticipate their annual property tax obligations and plan accordingly.
Average Phyllis Tax Bill
$109
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Phyllis, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41554 | $48 | $48 | $109 | $485 | $828 |
Source: Ownwell