Summer Shade, Kentucky Property Taxes
The median property tax rate in Summer Shade, KY is 1.03%, slightly higher than both the national median of 0.99% and Kentucky's state median of 1.02%. With a median home value of $50,850 in Summer Shade, the typical annual property tax bill is $433, which is significantly lower than the national median of $2,690. Property taxes in Summer Shade are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Summer Shade'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 Summer Shade or another part of Metcalfe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summer Shade, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$524
Ownwell’s Summer Shade Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summer Shade with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summer Shade 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 Summer Shade, Kentucky
Property taxes in Summer Shade, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summer Shade is 1.03%, higher than the U.S. national median of 0.99%. Local government entities within Summer Shade set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summer Shade 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 Summer Shade's effective property tax rate to other areas in Kentucky and the national median. For comparison, the zip code 42166 has both the highest and lowest median property tax rate of 1.03%. Understanding how these cities compare with Summer Shade provides valuable insights into the varying tax landscape across Metcalfe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summer Shade Tax Rate
1.03%
Average Metcalfe County Tax Rate
1.01%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | 0.39% | 1.00% | 1.03% | 1.08% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Summer Shade, Kentucky
In Summer Shade, 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 Metcalfe County Property Valuation Administrator 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 Summer Shade, 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. For instance, the median home price stands at $50,850, with tax bills ranging from $222 at the 25th percentile to $1,224 at the 90th percentile. The highest and lowest median tax bills both occur in the 42166 zip code, valued at $433. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Summer Shade Assessed Value
$50,850
Average Metcalfe County Assessed Value
$50,550
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | $12,000 | $26,000 | $50,850 | $80,000 | $122,040 |
Source: Ownwell
Property Tax Bills Across Summer Shade, Kentucky
In Summer Shade, located in Metcalfe County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The tax rate is applied to this assessed value to determine the annual property tax bill. For homeowners in Summer Shade, the median home price is $50,850. Property tax bills can vary significantly, with the 25th percentile tax bill at $222 and the 75th percentile at $768. For those in the 90th percentile, the tax bill can reach up to $1,224. The highest and lowest median tax bills in the area both stand at $433, indicating a relatively consistent range of property taxes within the zip code 42166. Compared to the national median property tax rate of 0.99%, Summer Shade's property tax rates are quite favorable, offering homeowners a relatively low tax burden. This can make homeownership more affordable and appealing in this region.
Average Summer Shade Tax Bill
$433
Average Metcalfe County Tax Bill
$452
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Summer Shade, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 42166 | $102 | $222 | $433 | $768 | $1,224 |
Source: Ownwell