Ulysses, Kentucky Property Taxes
The median property tax rate in Ulysses, KY is 1.16%, noticeably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Ulysses at $40,500, the typical annual property tax bill comes to $352, which is significantly lower than the national median of $2,690. Property taxes in Ulysses 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 Ulysses' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Ulysses 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
Ulysses, 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 Ulysses Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ulysses with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ulysses 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 Ulysses, Kentucky
Property taxes in Ulysses, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ulysses is 1.16%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Ulysses set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ulysses 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 Ulysses's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41264 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Ulysses provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ulysses Tax Rate
1.16%
Average Lawrence County Tax Rate
1.15%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ulysses, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41264 | 0.48% | 1.13% | 1.16% | 1.21% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Ulysses, Kentucky
In Ulysses, 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 Lawrence 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 Ulysses, 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 Ulysses helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41264 has the highest median tax bill at $352.00, while the lowest median tax bill is also $352.00 in the same zip code.
Average Ulysses Assessed Value
$40,500
Average Lawrence County Assessed Value
$32,500
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ulysses, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41264 | $5,000 | $15,000 | $40,500 | $83,000 | $147,480 |
Source: Ownwell
Property Tax Bills Across Ulysses, Kentucky
In Ulysses, Lawrence County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's market value, location, size, and condition. For homeowners in Ulysses, the median home price is $40,500. Property tax bills vary significantly, with the 25th percentile paying around $127 annually, while those in the 75th percentile pay approximately $812. At the higher end, the 90th percentile sees tax bills reaching up to $1,510. The highest and lowest median tax bills in the area both stand at $352, linked to the zip code 41264. Comparatively, the national median property tax rate is 0.99%. These property tax bills impact homeowners by influencing their overall housing costs and affordability. Understanding these factors helps homeowners budget effectively and plan for future financial obligations.
Average Ulysses Tax Bill
$352
Average Lawrence County Tax Bill
$296
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Ulysses, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41264 | $67 | $127 | $352 | $812 | $1,510 |
Source: Ownwell