South Shore, Kentucky Property Taxes
The median property tax rate in South Shore, 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 Shore, the typical annual property tax bill reaches $644, which is significantly lower than the national median of $2,690. Property taxes in South Shore 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 Shore'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 Shore 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 Shore, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$805
Ownwell’s South Shore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Shore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Shore 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 Shore, Kentucky
Property taxes in South Shore, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Shore is 1.61%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within South Shore set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Shore 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 Shore's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41175 zip code 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 Shore 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 Shore 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 Shore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41175 | 0.46% | 0.93% | 1.60% | 1.61% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across South Shore, Kentucky
In South Shore, 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 Shore, 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 Shore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 41175, with a median tax bill of $644.00, which is the same for the lowest median tax bill.
Average South Shore Assessed Value
$50,000
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 Shore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41175 | $8,000 | $24,572 | $50,000 | $87,979 | $151,170 |
Source: Ownwell
Property Tax Bills Across South Shore, Kentucky
In South Shore, located in Greenup County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in South Shore can expect their property taxes to be influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions. The median home price in South Shore is $50,000, and the property tax rates in this area are relatively low compared to the national median property tax rate of 0.99%. For example, the 25th percentile tax bill is $254, while the 75th percentile tax bill is $1,284. The highest median tax bill recorded in the area is $644, which is significantly lower than many other regions in the country. These property tax bills impact homeowners by contributing to the overall cost of homeownership. Lower property taxes can make homeownership more affordable, but it's essential for homeowners to keep track of their assessed values and any changes in local tax rates to budget effectively.
Average South Shore Tax Bill
$644
Average Greenup County Tax Bill
$857
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across South Shore, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41175 | $96 | $254 | $644 | $1,284 | $2,206 |
Source: Ownwell