Sharpsburg, Kentucky Property Taxes
The median property tax rate in Sharpsburg, KY is 0.56%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $91,000 in Sharpsburg, the typical annual property tax bill amounts to $574, which is well below the national median of $2,690. Property taxes in Sharpsburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Sharpsburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sharpsburg 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
Sharpsburg, 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 Sharpsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharpsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharpsburg 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 Sharpsburg, Kentucky
Property taxes in Sharpsburg, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharpsburg is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Sharpsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharpsburg 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 Sharpsburg's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 40374 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Sharpsburg provides valuable insights into the varying tax landscape across Nicholas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sharpsburg Tax Rate
0.56%
Average Nicholas County Tax Rate
0.89%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharpsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40374 | 0.24% | 0.34% | 0.56% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Sharpsburg, Kentucky
In Sharpsburg, 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 Nicholas 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 Sharpsburg, 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 Sharpsburg 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 $574 in the 40374 zip code, highlighting the importance of understanding your property tax obligations.
Average Sharpsburg Assessed Value
$91,000
Average Nicholas County Assessed Value
$75,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sharpsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40374 | $18,500 | $50,000 | $91,000 | $168,850 | $229,944 |
Source: Ownwell
Property Tax Bills Across Sharpsburg, Kentucky
In Sharpsburg, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For homeowners, this assessed value can significantly impact their annual tax bill. The median home price in Sharpsburg is $91,000, and the property tax rate in Nicholas County influences the final tax amount. For instance, tax bills in the 25th percentile are around $198, while those in the 75th percentile can reach approximately $1,029. At the higher end, the 90th percentile tax bills can go up to $1,420. These variations highlight how different factors, such as property size, location, and improvements, affect the assessed value and, consequently, the tax bill. Homeowners must consider these elements as they can lead to substantial differences in annual tax obligations. Compared to the national median property tax rate of 0.99%, the tax rates in Sharpsburg reflect the unique economic and property value conditions of the area.
Average Sharpsburg Tax Bill
$574
Average Nicholas County Tax Bill
$478
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharpsburg, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40374 | $96 | $198 | $574 | $1,029 | $1,420 |
Source: Ownwell