Philpot, Kentucky Property Taxes
The median property tax rate in Philpot, KY is 1.05%, slightly above both the national median of 0.99% and Kentucky's state median of 1.02%. With the median home value in Philpot at $41,000, the typical annual property tax bill amounts to $367, which is significantly lower than the national median of $2,690. Property taxes in Philpot are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Philpot'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 Philpot 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
Philpot, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$431
Ownwell’s Philpot Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philpot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philpot 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 Philpot, Kentucky
Property taxes in Philpot, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philpot is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Philpot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philpot 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 Philpot's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 42366 zip code has the highest median property tax rate of 1.05%, while the same zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Philpot provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Philpot Tax Rate
1.05%
Average Hancock County Tax Rate
1.05%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philpot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42366 | 0.79% | 1.05% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Philpot, Kentucky
In Philpot, 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 Hancock 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 Philpot, 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 Philpot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $367 in zip code 42366, while the lowest is also $367 in the same zip code.
Average Philpot Assessed Value
$41,000
Average Hancock County Assessed Value
$64,400
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Philpot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42366 | $4,400 | $9,900 | $41,000 | $86,500 | $179,940 |
Source: Ownwell
Property Tax Bills Across Philpot, Kentucky
In Philpot, located in Hancock County, KY, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the local tax assessor and typically reflects a percentage of the property's market value. For homeowners in Philpot, the median home price is $41,000. Tax bills can vary widely; for instance, the 25th percentile tax bill is $104, while the 75th percentile tax bill is $752, and the 90th percentile tax bill can reach up to $1,889. Several factors influence the tax bill, including the property's assessed value, local tax rates, and applicable exemptions. Homeowners should be aware that even small changes in assessed value or tax rates can significantly impact their tax bills. Compared to the national median property tax rate of 0.99%, Philpot's property tax rates can be relatively low, providing some relief to homeowners. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Philpot Tax Bill
$367
Average Hancock County Tax Bill
$525
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Philpot, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42366 | $46 | $104 | $367 | $752 | $1,889 |
Source: Ownwell