Science Hill, Kentucky Property Taxes
The median property tax rate in Science Hill, KY is 0.81%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Science Hill, the typical annual property tax bill comes to $419, significantly below the national median of $2,690. Property taxes in Science Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Science Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Science Hill 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
Science Hill, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$563
Ownwell’s Science Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Science Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Science Hill 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 Science Hill, Kentucky
Property taxes in Science Hill, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Science Hill is 0.81%, lower than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Science Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Science Hill 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 Science Hill's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42553 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Science Hill provides valuable insights into the varying tax landscape across Pulaski County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Science Hill Tax Rate
0.81%
Average Pulaski County Tax Rate
0.81%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Science Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42553 | 0.35% | 0.61% | 0.80% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Science Hill, Kentucky
In Science Hill, Kentucky, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated for tax purposes by the Pulaski County Appraisal District. On the other hand, the assessed value is the market value minus any applicable exemptions or limits as per local laws and available programs. The assessed value is then used to calculate property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Science Hill, assessment notices are generally mailed out in the spring, typically by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. Understanding these valuation concepts allows property owners to better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these valuation processes in Science Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $419, with the zip code 42553 showing both the highest and lowest median tax bills.
Average Science Hill Assessed Value
$69,500
Average Pulaski County Assessed Value
$57,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Science Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42553 | $5,000 | $12,000 | $69,500 | $137,375 | $210,900 |
Source: Ownwell
Property Tax Bills Across Science Hill, Kentucky
In Science Hill, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Science Hill is $69,500. Homeowners' tax bills can vary significantly within the city, with the 25th percentile tax bill being $89 and the 75th percentile tax bill reaching $926. For those in the higher brackets, the 90th percentile tax bill can be as high as $1,419. The tax bill is influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Science Hill's rates can be relatively modest or more substantial, depending on the specific property and its assessed value. This variability in tax bills can have a notable impact on homeowners, affecting their annual financial planning and overall cost of homeownership. Understanding these factors helps homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Science Hill Tax Bill
$419
Average Pulaski County Tax Bill
$362
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Science Hill, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42553 | $40 | $89 | $419 | $926 | $1,419 |
Source: Ownwell