Canada, Kentucky Property Taxes
The median property tax rate in Canada, KY is 1.37%, considerably higher than both the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Canada at $37,000, the typical annual property tax bill reaches $307, which is significantly lower than the national median of $2,690. Property taxes in Canada are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Canada’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 Canada 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
Canada, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$507
Ownwell’s Canada Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Canada with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Canada to estimate your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those interested in more detailed insights, neighborhood-level trends are available below. Your property's assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Canada, Kentucky
Property taxes in Canada, Kentucky, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canada is 1.37%, significantly higher than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Canada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canada 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 Canada's effective property tax rate to other counties in Kentucky and the national median. For comparison, the 41519 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Canada provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canada Tax Rate
1.37%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canada, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41519 | 0.15% | 0.45% | 1.37% | 1.49% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Canada, Kentucky
In Canada, 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 Pike 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 Canada, 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 Canada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 41519 has the highest and lowest median tax bill at $307.
Average Canada Assessed Value
$37,000
Average Pike County Assessed Value
$25,000
Average Kentucky Assessed Value
$110,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canada, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41519 | $4,000 | $15,000 | $37,000 | $63,250 | $95,000 |
Source: Ownwell
Property Tax Bills Across Canada, Kentucky
Property tax bills in Canada, KY, within Pike County are calculated based on the assessed value of a property and the applicable tax rate. The assessed value is a percentage of the property's market value, determined by the county assessor. For a median home price of $37,000, homeowners can expect varying tax bills. The 25th percentile tax bill is $48, indicating that a quarter of homeowners pay this amount or less. Conversely, the 75th percentile tax bill is $799, showing a significant increase, with the 90th percentile reaching up to $1,403. These tax bills directly impact homeowners by influencing their annual expenses. With the national median property tax rate at 0.99%, the property taxes in Canada, KY, can be seen as relatively moderate. However, the highest and lowest median tax bill in the area is $307, which falls within zip code 41519. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets effectively.
Average Canada Tax Bill
$307
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Canada, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41519 | $48 | $48 | $307 | $799 | $1,403 |
Source: Ownwell