Sedalia, Kentucky Property Taxes
The median property tax rate in Sedalia, KY is 0.80%, notably lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Sedalia at $69,000, the typical annual property tax bill is about $441, significantly below the national median of $2,690. Property taxes in Sedalia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sedalia'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 Sedalia 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
Sedalia, 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 Sedalia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sedalia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sedalia 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 Sedalia, Kentucky
Property taxes in Sedalia, Kentucky, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sedalia is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Sedalia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sedalia 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 Sedalia's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42079 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Sedalia provides valuable insights into the varying tax landscape across Graves County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sedalia Tax Rate
0.80%
Average Graves County Tax Rate
0.67%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sedalia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42079 | 0.15% | 0.34% | 0.80% | 0.87% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Sedalia, Kentucky
In Sedalia, 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 Graves 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 Sedalia, 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 Sedalia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Sedalia is $441.00 in zip code 42079, while the lowest median tax bill is also $441.00 in the same zip code.
Average Sedalia Assessed Value
$69,000
Average Graves County Assessed Value
$80,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sedalia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42079 | $7,000 | $28,000 | $69,000 | $153,002 | $357,000 |
Source: Ownwell
Property Tax Bills Across Sedalia, Kentucky
In Sedalia, located in Graves County, KY, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $69,000. Local tax authorities determine the assessed value, which is then multiplied by the local property tax rate to calculate the annual tax bill. Various factors influence the assessed value, including market conditions, property size, and improvements made to the home. For homeowners in Sedalia, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $171 annually, while those at the 75th percentile could see bills as high as $839. At the 90th percentile, tax bills can reach up to $1,431. The highest and lowest median tax bills in the region are both recorded at $441 in the 42079 zip code. Comparatively, Sedalia's property tax rates are lower than the national median property tax rate of 0.99%, offering some financial relief to local homeowners. Understanding these calculations helps homeowners better anticipate their annual expenses and plan accordingly.
Average Sedalia Tax Bill
$441
Average Graves County Tax Bill
$394
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sedalia, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42079 | $40 | $171 | $441 | $839 | $1,431 |
Source: Ownwell