Rockhouse, Kentucky Property Taxes
The median property tax rate in Rockhouse, KY is 0.93%, slightly lower than the national median of 0.99% and the Kentucky state median of 1.02%. With the median home value in Rockhouse at $19,950, the typical annual property tax bill is $157, significantly below the national median of $2,690. Property taxes in Rockhouse are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rockhouse'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 Rockhouse or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockhouse, 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 Rockhouse Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockhouse with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockhouse 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 Rockhouse, Kentucky
Property taxes in Rockhouse, Kentucky, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockhouse is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Rockhouse set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockhouse 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 Rockhouse's effective property tax rate to other areas in Pike County and the national median. For comparison, the 41561 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Rockhouse 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 Rockhouse Tax Rate
0.93%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockhouse, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41561 | 0.35% | 0.57% | 0.93% | 1.30% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Rockhouse, Kentucky
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rockhouse, 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 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 Rockhouse, 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. The median home price in Rockhouse is $19,950, with the 25th percentile tax bill at $102 and the 75th percentile tax bill at $211. The highest and lowest median tax bills are both $157, found in the 41561 zip code. 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 Rockhouse helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockhouse Assessed Value
$19,950
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 Rockhouse, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41561 | $16,710 | $17,925 | $19,950 | $21,975 | $23,190 |
Source: Ownwell
Property Tax Bills Across Rockhouse, Kentucky
In Rockhouse, Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is often lower than its market value. The assessed value is determined by the local tax assessor and is then multiplied by the local property tax rate. For homeowners in Rockhouse, the median home price is $19,950. Given the national median property tax rate of 0.99%, local rates can significantly impact the final tax bill. Factors such as home improvements, neighborhood developments, and changes in local government budgets can influence the assessed value. In Rockhouse, the 25th percentile tax bill is around $102, while the 75th percentile tax bill reaches approximately $211. For those at the 90th percentile, the tax bill can be as high as $244. These figures show a range of potential tax liabilities for homeowners, highlighting the importance of understanding local assessments and rates. Despite the relatively low property values, these taxes can still significantly affect household budgets.
Average Rockhouse Tax Bill
$157
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockhouse, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41561 | $70 | $102 | $157 | $211 | $244 |
Source: Ownwell