Virgie, Kentucky Property Taxes
The median property tax rate in Virgie, 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 Virgie at $29,400, the typical annual property tax bill reaches $234, which is significantly lower than the national median of $2,690. Property taxes in Virgie 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 Virgie'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 Virgie 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
Virgie, 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 Virgie Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Virgie with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Virgie to provide an estimate of your property tax bill. This valuable tool offers insight into your potential tax liabilities. For more detailed trends at the neighborhood level, you can explore additional localized information below. Your property’s assessed value is the value assigned by Pike County for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Virgie, Kentucky
Property taxes in Virgie, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Virgie is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Virgie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Virgie 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 Virgie's effective property tax rate to other areas in Kentucky and the national median. For comparison, the 41572 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 areas compare with Virgie 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 Virgie 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 Virgie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41572 | 0.16% | 0.43% | 1.37% | 1.52% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Virgie, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Virgie, KY. 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 Virgie, 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 Virgie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $234 in the 41572 zip code, while the lowest is also $234 in the same zip code, reflecting the uniformity in tax bills within the region.
Average Virgie Assessed Value
$29,400
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 Virgie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41572 | $3,000 | $10,000 | $29,400 | $55,000 | $81,740 |
Source: Ownwell
Property Tax Bills Across Virgie, Kentucky
In Virgie, KY, within Pike County, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Virgie is $29,400. Property taxes here can range significantly, reflecting the variability in property values and tax rates. The tax bill for the 25th percentile is $48, while at the 75th percentile, it rises to $615. For those at the 90th percentile, the tax bill can be as high as $1,141. These tax bills are determined by multiplying the assessed value of the property by the local tax rate. Factors such as property improvements, neighborhood developments, and changes in the local economy can influence the assessed value. Homeowners in Virgie, KY, should be aware that their property taxes can fluctuate based on these factors, impacting their annual financial obligations. Compared to the national median property tax rate of 0.99%, Virgie offers relatively affordable property tax rates, providing a cost-effective living environment for its residents.
Average Virgie Tax Bill
$234
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Virgie, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41572 | $48 | $48 | $234 | $615 | $1,141 |
Source: Ownwell