Fedscreek, Kentucky Property Taxes
The median property tax rate in Fedcreek, KY is 0.89%, which is lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $28,450 in Fedcreek, the typical annual property tax bill is $98, significantly below the national median of $2,690. Property taxes in Fedcreek are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. By understanding Fedcreek's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Fedcreek or another part of Pike County, gaining insight into the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Fedscreek, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$253
Ownwell’s Fedcreek Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Fedcreek with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fedcreek to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Fedscreek, Kentucky
Property taxes in Fedscreek, Kentucky, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fedscreek is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Fedscreek set these rates annually, and they can vary across different neighborhoods. Each year, Fedscreek 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 Fedscreek's effective property tax rate to other counties in Kentucky and the national median. For comparison, ZIP code 41524 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Fedscreek 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 Fedscreek Tax Rate
0.89%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fedscreek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41524 | 0.13% | 0.20% | 0.89% | 1.56% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Fedscreek, Kentucky
In Fedcreek, 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 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 Fedcreek, 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. For example, tax bills in the 25th percentile are around $48, while those in the 75th percentile can reach $443, and the highest 10% of tax bills are approximately $1,012. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fedscreek Assessed Value
$28,450
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 Fedscreek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41524 | $3,000 | $9,225 | $28,450 | $45,000 | $63,350 |
Source: Ownwell
Property Tax Bills Across Fedscreek, Kentucky
In Fedcreek, located in Pike County, KY, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is often a percentage of the property's market value. For homeowners in Fedcreek, the median home price is $28,450. Several factors influence the tax bill, including the property's location, size, and condition. Additionally, local tax rates and any applicable exemptions or deductions play a crucial role. For instance, the 25th percentile of tax bills in Fedcreek is around $48, while the 75th percentile reaches $443, and the 90th percentile can go up to $1,012. These property tax bills significantly impact homeowners by affecting their annual expenses and potentially influencing their ability to sell or refinance their homes. Comparatively, Pike County's property tax rates may offer some relief compared to the national median property tax rate of 0.99%, making it a more affordable option for residents.
Average Fedscreek Tax Bill
$98
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Fedscreek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41524 | $48 | $48 | $98 | $443 | $1,012 |
Source: Ownwell