South Williamson, Kentucky Property Taxes
The median property tax rate in South Williamson, KY is 1.38%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in South Williamson at $55,000, the typical annual property tax bill reaches $642, which is significantly lower than the national median of $2,690. Property taxes in South Williamson 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 South Williamson'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 South Williamson 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
South Williamson, 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 South Williamson Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in South Williamson. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in South Williamson to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Pike County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across South Williamson, Kentucky
Property taxes in South Williamson, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Williamson is 1.38%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Williamson set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Williamson 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 South Williamson's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41503 zip code has both the highest and the lowest median property tax rate of 1.38%. Understanding how these cities compare with South Williamson 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 South Williamson Tax Rate
1.38%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Williamson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41503 | 0.20% | 0.68% | 1.38% | 1.46% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across South Williamson, Kentucky
In South Williamson, 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 South Williamson, 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. For example, the highest median tax bill in the area is $642 in the 41503 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 South Williamson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Williamson, Kentucky
Source: Ownwell
$14,200
$48,100
$82,000
Average South Williamson Assessed Value
$55,000
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 South Williamson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41503 | $7,700 | $25,000 | $55,000 | $95,000 | $160,000 |
Source: Ownwell
Property Tax Bills Across South Williamson, Kentucky
Property tax bills in South Williamson, Pike County, KY are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in South Williamson experience a range of property tax bills, with the 25th percentile paying around $212 and the 75th percentile paying up to $1277 annually. The highest median tax bill in the area is $642, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including property size, location, and any applicable exemptions. For homeowners, these taxes are a crucial consideration as they impact overall housing costs. Lower property tax rates can make homeownership more affordable, while higher rates might strain budgets. Understanding these factors can help homeowners better anticipate their annual financial obligations and plan accordingly.
Average South Williamson Tax Bill
$642
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across South Williamson, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41503 | $48 | $212 | $642 | $1,277 | $2,302 |
Source: Ownwell