Steele, Kentucky Property Taxes
The median property tax rate in Steele, KY is 1.37%, significantly higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $28,150 in Steele, the typical annual property tax bill amounts to $232, which is well below the national median of $2,690. Property taxes in Steele are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Steele'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 Steele 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
Steele, 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 Steele Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Steele with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Steele 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 Steele, Kentucky
Property taxes in Steele, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Steele is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Steele set these rates annually, and they can vary significantly across different neighborhoods. Each year, Steele 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 Steele's effective property tax rate to the national median. For comparison, the zip code 41566 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 Steele 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 Steele 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 Steele, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41566 | 0.16% | 0.28% | 1.37% | 1.49% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Steele, Kentucky
In Steele, 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 county assessment office 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 Steele, 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 Steele helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Steele is $28,150, with tax bills ranging from $48 at the 25th percentile to $930 at the 90th percentile. The highest and lowest median tax bills are both $232, found in the 41566 zip code.
Average Steele Assessed Value
$28,150
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 Steele, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41566 | $4,280 | $13,450 | $28,150 | $52,625 | $70,990 |
Source: Ownwell
Property Tax Bills Across Steele, Kentucky
In Steele, KY, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. The median home price in Steele stands at $28,150. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property improvements, location, and market trends can influence the assessed value. Homeowners in Steele experience a wide range of tax bills, with the 25th percentile paying around $48, while those in the 75th percentile pay approximately $564. At the 90th percentile, tax bills can reach up to $930. These variations significantly impact homeowners, especially those with higher-valued properties. Compared to the national median property tax rate of 0.99%, Steele's tax rates reflect the local economic conditions and property values. Understanding how these factors interplay can help homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Steele Tax Bill
$232
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Steele, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41566 | $48 | $48 | $232 | $564 | $930 |
Source: Ownwell