South Portsmouth, Kentucky Property Taxes
The median property tax rate in South Portsmouth, KY is 1.61%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in South Portsmouth at $52,584, the typical annual property tax bill reaches $628, which is significantly lower than the national median of $2,690. Property taxes in South Portsmouth 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 South Portsmouth'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 South Portsmouth or another part of Greenup County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Portsmouth, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$847
Ownwell’s South Portsmouth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Portsmouth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Portsmouth 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 South Portsmouth, Kentucky
Property taxes in South Portsmouth, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Portsmouth is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within South Portsmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Portsmouth 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 South Portsmouth's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41174 has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with South Portsmouth provides valuable insights into the varying tax landscape across Greenup County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Portsmouth Tax Rate
1.61%
Average Greenup County Tax Rate
1.58%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Portsmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | 0.46% | 0.98% | 1.60% | 1.60% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across South Portsmouth, Kentucky
In South Portsmouth, 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 Greenup 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 South Portsmouth, 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 South Portsmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 41174, both valued at $628.
Property Tax Assessment Values Across South Portsmouth, Kentucky
Source: Ownwell
$16,000
$100,097
$184,194
Average South Portsmouth Assessed Value
$52,584
Average Greenup County Assessed Value
$65,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Portsmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | $8,000 | $28,450 | $52,584 | $96,000 | $150,000 |
Source: Ownwell
Property Tax Bills Across South Portsmouth, Kentucky
In South Portsmouth, Greenup County, KY, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The tax rate is then applied to this assessed value to determine the total tax bill. The assessed value reflects the market value of the home, and factors such as location, property size, and improvements can influence this valuation. For homeowners in South Portsmouth, the median home price stands at $52,584. The property tax rate in this region is relatively low compared to the national median property tax rate of 0.99%. Tax bills can vary significantly; the 25th percentile tax bill is $261, while the 75th percentile tax bill is $1,337. At the higher end, the 90th percentile tax bill reaches $2,227. The highest and lowest median tax bills in the area are both $628, indicating a consistent range within the zip code 41174. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby influencing the overall quality of life in the community.
Average South Portsmouth Tax Bill
$628
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across South Portsmouth, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41174 | $100 | $261 | $628 | $1,337 | $2,227 |
Source: Ownwell