Slemp, Kentucky Property Taxes
The median property tax rate in SLEMP, KY is 1.04%, slightly above both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in SLEMP, the typical annual property tax bill reaches $125, which is significantly lower than the national median of $2,690. Property taxes in SLEMP are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding SLEMP'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 SLEMP or another part of Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Slemp, 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 SLEMP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SLEMP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SLEMP 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 Slemp, Kentucky
Property taxes in SLEMP, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SLEMP is 1.04%, higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within SLEMP set these rates annually, and they can vary significantly across different neighborhoods. Each year, SLEMP 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 SLEMP's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41763 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these areas compare with SLEMP provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Slemp Tax Rate
1.04%
Average Perry County Tax Rate
1.04%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Slemp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41763 | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Slemp, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Slemp, Kentucky. 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 Perry 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 Slemp, 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 Slemp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41763 has the highest and lowest median tax bill at $125.
Average Slemp Assessed Value
$15,000
Average Perry County Assessed Value
$11,075
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Slemp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41763 | $1,550 | $5,000 | $15,000 | $38,000 | $64,500 |
Source: Ownwell
Property Tax Bills Across Slemp, Kentucky
In SLEMP, Perry County, KY, property tax bills are calculated based on the assessed value of a home. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $15,000, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The 25th percentile tax bill stands at $52, while the 75th percentile reaches $312. For homeowners at the 90th percentile, the tax bill can be as high as $632. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, SLEMP residents generally experience lower tax rates, making it a relatively affordable area for homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Slemp Tax Bill
$125
Average Perry County Tax Bill
$104
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Slemp, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41763 | $17 | $52 | $125 | $312 | $632 |
Source: Ownwell