Pendleton, Kentucky Property Taxes
The median property tax rate in Pendleton, KY is 1.13%, higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value in Pendleton of $111,000, the typical annual property tax bill reaches $1,093, which is below the national median of $2,690. Property taxes in Pendleton are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Pendleton'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 Pendleton 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
Pendleton, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$1,254
Ownwell’s Pendleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pendleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pendleton 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 Pendleton, Kentucky
Property taxes in Pendleton, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pendleton is 1.06%, which is higher than both the Kentucky state median of 0.83% and the U.S. national median of 0.99%. Local government entities within Pendleton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pendleton 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 Pendleton's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 40055 zip code has the highest median property tax rate of 1.06%, while the 40055 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Pendleton provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pendleton Tax Rate
1.13%
Average Trimble County Tax Rate
1.13%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pendleton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40055 | 0.56% | 0.86% | 1.13% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Pendleton, Kentucky
In Pendleton, 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 Trimble 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 Pendleton, 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 Pendleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Pendleton, the zip code 40055 has both the highest and lowest median tax bill, which is $1,093. The city’s median home price is $111,000, with tax bills ranging from $563 at the 25th percentile to $2,418 at the 90th percentile.
Average Pendleton Assessed Value
$111,000
Average Trimble County Assessed Value
$85,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pendleton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40055 | $34,700 | $66,000 | $111,000 | $158,000 | $223,000 |
Source: Ownwell
Property Tax Bills Across Pendleton, Kentucky
In Pendleton, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For instance, with a median home price of $111,000, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Several factors influence the final tax bill, including the property's location within specific tax districts, any applicable exemptions, and the local tax rate. In Pendleton, the 25th percentile tax bill is $563, while the 75th percentile tax bill reaches up to $1,688, and at the 90th percentile, it can be as high as $2,418. These figures highlight the range of possible tax burdens on homeowners, which can significantly impact household budgets. Comparatively, Pendleton's property tax rates and bills can be contrasted with the national median property tax rate of 0.99%, providing a clearer picture of how local tax policies affect residents.
Average Pendleton Tax Bill
$1,093
Average Trimble County Tax Bill
$844
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Pendleton, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40055 | $233 | $563 | $1,093 | $1,688 | $2,418 |
Source: Ownwell