Sidney, Kentucky Property Taxes
The median property tax rate in Sidney, 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 Sidney, the typical annual property tax bill reaches $279, which is significantly lower than the national median of $2,690. Property taxes in Sidney 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 Sidney'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 Sidney 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
Sidney, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$447
Ownwell’s Sidney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sidney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sidney 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 Sidney, Kentucky
Property taxes in Sidney, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sidney is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sidney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sidney 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 Sidney's effective property tax rate to other counties in Kentucky and the national median. For comparison, the zip code 41564 has both the highest and lowest median property tax rate of 1.37%. Understanding how these areas compare with Sidney 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 Sidney 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 Sidney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41564 | 0.14% | 0.30% | 1.37% | 1.56% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Sidney, Kentucky
In Sidney, 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 Sidney, 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 Sidney helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Sidney is $279.00 in zip code 41564, the same as the lowest median tax bill, illustrating a relatively uniform tax burden across the area.
Average Sidney Assessed Value
$32,600
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 Sidney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41564 | $4,000 | $13,000 | $32,600 | $55,000 | $85,580 |
Source: Ownwell
Property Tax Bills Across Sidney, Kentucky
In Sidney, KY, property tax bills are determined based on the assessed value of a home. The local tax rate is applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $32,600, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property size, location, and improvements can influence this assessment. Homeowners in Sidney experience a wide range in tax bills, with the 25th percentile paying around $48 and the 75th percentile paying about $624. The highest tax bills, in the 90th percentile, can reach up to $1,374. Compared to the national median property tax rate of 0.99%, Sidney's rates result in relatively lower tax bills. This affects homeowners by making property ownership more affordable, but it also means local services funded by property taxes might receive less revenue. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Sidney Tax Bill
$279
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Sidney, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41564 | $48 | $48 | $279 | $624 | $1,374 |
Source: Ownwell