Science Hill, Kentucky Property Taxes
The median property tax rate in Science Hill, KY is 0.96%, slightly 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 at $102,000, the typical annual property tax bill reaches $981, which is below the national median of $2,690. Property taxes in Science Hill 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 Science Hill'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 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
0.96%
Estimate Property Tax Bill
$979
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Science Hill is 0.96%, slightly below 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 both the highest and lowest median property tax rate of 0.96%. Understanding how these zip codes compare with Science Hill provides valuable insights into the varying tax landscape across Casey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Science Hill Tax Rate
0.96%
Average Casey County Tax Rate
0.96%
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 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Science Hill, Kentucky
In Science Hill, 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 Casey 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 Science Hill, 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 Science Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $981, found in the 42553 zip code.
Average Science Hill Assessed Value
$102,000
Average Casey County Assessed Value
$43,000
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 | $102,000 | $102,000 | $102,000 | $102,000 | $102,000 |
Source: Ownwell
Property Tax Bills Across Science Hill, Kentucky
In Science Hill, KY, property tax bills are calculated based on the assessed value of the property. The median home price in Science Hill is $102,000, and the property tax rate is applied to this assessed value to determine the tax bill. The assessed value is determined by the local assessor's office, which evaluates the market value of the property. Factors considered in the assessment include the property's location, size, condition, and any improvements or renovations. Once the assessed value is determined, the local tax rate is applied. In Science Hill, the median property tax bill is $981, which is significantly lower than the national median property tax rate of 0.99%. For homeowners, this means that property taxes in Science Hill are relatively affordable, providing some financial relief compared to higher-taxed areas. This lower tax burden can make homeownership more accessible and manageable, contributing to the overall appeal of living in Science Hill.
Average Science Hill Tax Bill
$981
Average Casey County Tax Bill
$324
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 | $981 | $981 | $981 | $981 | $981 |
Source: Ownwell