Pikeville, Kentucky Property Taxes
The median property tax rate in Pikeville, 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 Pikeville at $32,000, the typical annual property tax bill reaches $301, which is substantially lower than the national median of $2,690. Property taxes in Pikeville 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 Pikeville'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 Pikeville 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
Pikeville, 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 Pikeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pikeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pikeville 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 Pikeville, Kentucky
Property taxes in Pikeville, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pikeville is 1.37%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Pikeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pikeville 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 Pikeville's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41501 has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Pikeville 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 Pikeville 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 Pikeville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41501 | 0.19% | 0.51% | 1.37% | 1.49% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Pikeville, Kentucky
In Pikeville, 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 Pikeville, 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. Being aware of these valuation processes in Pikeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pikeville is $32,000, with tax bills ranging from $68 at the 25th percentile to $1,616 at the 90th percentile. The zip code 41501 has the highest and lowest median tax bill of $301.
Average Pikeville Assessed Value
$32,000
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 Pikeville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41501 | $2,500 | $10,000 | $32,000 | $71,000 | $155,000 |
Source: Ownwell
Property Tax Bills Across Pikeville, Kentucky
In Pikeville, 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 the area is $32,000, which serves as a baseline for determining property taxes. Homeowners in Pikeville can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $68, while the 75th percentile tax bill reaches $799. At the higher end, the 90th percentile tax bill can climb to $1,616. Various factors influence these tax bills, including the property's location within Pike County, any applicable exemptions, and local tax rates. Notably, the highest and lowest median tax bills in the area are both $301, falling within the 41501 zip code. Compared to the national median property tax rate of 0.99%, Pikeville homeowners experience a relatively lower tax burden. This lower tax rate can make homeownership more affordable but also means less revenue for local services and infrastructure.
Average Pikeville Tax Bill
$301
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pikeville, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41501 | $48 | $68 | $301 | $799 | $1,616 |
Source: Ownwell