Shelby Gap, Kentucky Property Taxes
The median property tax rate in Shelby Gap, 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 Shelby Gap at $29,500, the typical annual property tax bill reaches $137, which is significantly lower than the national median of $2,690. Property taxes in Shelby Gap 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 Shelby Gap'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 Shelby Gap 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
Shelby Gap, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$404
Ownwell’s Shelby Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shelby Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shelby Gap 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 Shelby Gap, Kentucky
Property taxes in Shelby Gap, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelby Gap is 0.83%, lower than both the Kentucky state median of 0.86% and the U.S. national median of 0.99%. Local government entities within Shelby Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelby Gap 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 Shelby Gap's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41563 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Shelby Gap 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 Shelby Gap 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 Shelby Gap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41563 | 0.12% | 0.20% | 1.37% | 1.53% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Shelby Gap, Kentucky
In Shelby Gap, 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 Shelby Gap, 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 instance, the zip code 41563 has the highest and lowest median tax bill at $137. Being aware of these valuation processes in Shelby Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelby Gap Assessed Value
$29,500
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 Shelby Gap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41563 | $3,000 | $9,500 | $29,500 | $45,000 | $70,600 |
Source: Ownwell
Property Tax Bills Across Shelby Gap, Kentucky
In Shelby Gap, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is meant to reflect the market value of the property. Once the assessed value is established, it is multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Shelby Gap, the tax bills can vary significantly. The 25th percentile tax bill is as low as $48, while the 75th percentile reaches $507, and the 90th percentile goes up to $991. The median home price in the area is $29,500, which is considerably lower than the national median. This lower home value contributes to the relatively modest property tax bills. However, even within this range, the highest median tax bill recorded in the area is $137 in the zip code 41563. These property taxes impact homeowners by influencing their overall cost of living and potentially affecting property values over time.
Average Shelby Gap Tax Bill
$137
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelby Gap, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41563 | $48 | $48 | $137 | $507 | $991 |
Source: Ownwell