Turkey Creek, Kentucky Property Taxes
The median property tax rate in Turkey Creek, KY is 0.39%, significantly lower than both the national median of 0.99% and the Kentucky state median of 1.02%. With a median home value of $45,000 in Turkey Creek, the typical annual property tax bill is $234, well below the national median of $2,690. Property taxes in Turkey Creek are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Turkey Creek'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 Turkey Creek 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
Turkey Creek, Kentucky Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$176
Ownwell’s Turkey Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Turkey Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Turkey Creek 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 Turkey Creek, Kentucky
Property taxes in Turkey Creek, Kentucky, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Turkey Creek is 0.39%, which is lower than both the Kentucky state median and the U.S. national median of 0.99%. Local government entities within Turkey Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Turkey Creek 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 Turkey Creek's effective property tax rate to other counties in Kentucky and the national median. For comparison, the highest median property tax rate in the region is found in the zip code with the highest tax rate of 1.21%, while the lowest median tax rate is 0.39%. Understanding how these cities compare with Turkey Creek 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 Turkey Creek Tax Rate
0.39%
Average Pike County Tax Rate
1.37%
Average Kentucky Tax Rate
1.02%
Average United States Tax Rate
0.99%
Property Tax Rates Across Turkey Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | 0.11% | 0.14% | 0.39% | 1.45% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Turkey Creek, Kentucky
In Turkey Creek, 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 Turkey Creek, 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 Turkey Creek is $45,000, with the 25th percentile tax bill at $48 and the 75th percentile tax bill at $622. 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 Turkey Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Turkey Creek Assessed Value
$45,000
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 Turkey Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $35,400 | $39,500 | $45,000 | $53,200 | $66,000 |
Source: Ownwell
Property Tax Bills Across Turkey Creek, Kentucky
In Turkey Creek, Pike County, KY, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Turkey Creek is $45,000, and the property tax rate is determined by local government regulations. The tax bill is influenced by various factors including the property's assessed value, applicable exemptions, and local tax rates. Homeowners in Turkey Creek can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $48, while the 75th percentile tax bill reaches $622. At the higher end, the 90th percentile tax bill can be as much as $827. These variations highlight how different factors such as property value and exemptions can impact the final tax amount. Compared to the national median property tax rate of 0.99%, Turkey Creek's property taxes are relatively low, making it more affordable for homeowners. This affordability can be a significant advantage for residents, providing them with lower annual tax obligations.
Average Turkey Creek Tax Bill
$234
Average Pike County Tax Bill
$205
Average Kentucky Tax Bill
$1,031
Average United States Tax Bill
$2,690
Property Tax Bills Across Turkey Creek, Kentucky
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 41514 | $48 | $48 | $234 | $622 | $827 |
Source: Ownwell